The following data were provided by Madilim Co.: WIP, beg Materials, chemicals WIP, beg Materials, chemicals (? Complete) Materials, cans (? Complete) Labor (75% incomplete) Overhead (75% incomplete) Started during the month Transferred to WIP, end Materials, chemicals (100% complete) Materials, cans (? Complete) Labor (20% incomplete) Overhead (20% incomplete) 4,000 gallons P456,000 Labor – P100 per hour P62,500 Overhead P18,750 Cost added 21,000 gallons Materials, P2,284,000 20,000 gallons chemicals shipping department during the month Materials, cans Labor (P100 per hour) Overhead P70,000 P350,000 P105,000 Production begins with the blending of various chemicals, which are added at the beginning of the process and ends with canning of the product. Canning occurs when the mixtures reach the 90% stage of completion. The gallon cans are then transferred to the shopping department for crafting and shipment. Direct labor and overhead are added continuously throughout the process. Overhead is allocated on the basis of direct labor hours at the rate of P30 per hour. Using FIFO, compute for the cost of the WIP, end.| www
The following data were provided by Madilim Co.: WIP, beg Materials, chemicals WIP, beg Materials, chemicals (? Complete) Materials, cans (? Complete) Labor (75% incomplete) Overhead (75% incomplete) Started during the month Transferred to WIP, end Materials, chemicals (100% complete) Materials, cans (? Complete) Labor (20% incomplete) Overhead (20% incomplete) 4,000 gallons P456,000 Labor – P100 per hour P62,500 Overhead P18,750 Cost added 21,000 gallons Materials, P2,284,000 20,000 gallons chemicals shipping department during the month Materials, cans Labor (P100 per hour) Overhead P70,000 P350,000 P105,000 Production begins with the blending of various chemicals, which are added at the beginning of the process and ends with canning of the product. Canning occurs when the mixtures reach the 90% stage of completion. The gallon cans are then transferred to the shopping department for crafting and shipment. Direct labor and overhead are added continuously throughout the process. Overhead is allocated on the basis of direct labor hours at the rate of P30 per hour. Using FIFO, compute for the cost of the WIP, end.| www
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 30E: Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process...
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Using FIFO, compute for the cost of WIP, end.
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