Case III. Xichaoma Pharma produces a vial as a treatment of COVID-19 disease which they called X-Cov-Plus. The company added all the chemicals in producing the product at the beginning of its mixing department. Conversion costs flow uniformly throughout the process. The next processes of mixing are Tabulating and Packaging. Information on the mixing operation for the month of July is as follows: Work in Process - Mixing Department July 1 balance (100,000 units, 40% Completed and transferred to Tabulating: complete for conversion costs) P151,760.00 Units: ? Cost: ? Direct materials added (1,000,000 units) P1,310,000 Direct labor cost P200,000 FOH (applied at 180% of DL) P396,000 July 31 balance (200,000 units, 70% complete for conversion costs): ? The July 1 balance consist of the following cost elements: Direct materials - P128,000; Direct labor - P8,800; and FOH - P14,960 Requirements: 1. Using FIFO method, compute the cost of completed and transferred to Tabulating department. 2. Using weighted average method, compute the cost of completed and transferred to Tabulating department.
Case III. Xichaoma Pharma produces a vial as a treatment of COVID-19 disease which they called X-Cov-Plus. The company added all the chemicals in producing the product at the beginning of its mixing department. Conversion costs flow uniformly throughout the process. The next processes of mixing are Tabulating and Packaging. Information on the mixing operation for the month of July is as follows: Work in Process - Mixing Department July 1 balance (100,000 units, 40% Completed and transferred to Tabulating: complete for conversion costs) P151,760.00 Units: ? Cost: ? Direct materials added (1,000,000 units) P1,310,000 Direct labor cost P200,000 FOH (applied at 180% of DL) P396,000 July 31 balance (200,000 units, 70% complete for conversion costs): ? The July 1 balance consist of the following cost elements: Direct materials - P128,000; Direct labor - P8,800; and FOH - P14,960 Requirements: 1. Using FIFO method, compute the cost of completed and transferred to Tabulating department. 2. Using weighted average method, compute the cost of completed and transferred to Tabulating department.
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter5: Process Cost Accounting—general Procedures
Section: Chapter Questions
Problem 16E: Chavez Concrete Inc. has two production departments. Blending had 1,000 units in process at the...
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