Answered: Using FIFO method, the EUP of completed…

Using FIFO method, the EUP of completed and transferred units is 2. The unit conversion cost using weighted average method is:

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 2EA: A company started a new product, and in the first month started 100,000 units. The ending work in...

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Question

Ibe Corporation has an EUP of 248,750 units. Beginning inventory units of 22,500, 40% incomplete; ending inventory units of 24,000 60% complete. Conversion costs of beginning inventory of P9,800; current period conversion costs of P204,125.

Questions:

1. Using FIFO method, the EUP of completed and transferred units is

2. The unit conversion cost using weighted average method is:

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Step 1 Calculation of units started and completed:

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Step 2 Calculation of EUP of completed and transferred units:

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Step 3 Calculation of units completed during the year:

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Step 4 Calculation of equivalent units under weighted average:

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Step 5 Calculation of unit cost under weighted average:

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