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    Questions Fifo Average

    Uploaded by

    Claire Barba
    This document contains calculations for costing methods (FIFO, average, weighted average) using production data across multiple periods. It shows calculations for equivalent production units, total costs, unit costs, work in process balances, and costs transferred between departments. The totals for costs accounted for match across the different costing methods.

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    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Questions Fifo Average

    Uploaded by

    Claire Barba
    71 views4 pages
    This document contains calculations for costing methods (FIFO, average, weighted average) using production data across multiple periods. It shows calculations for equivalent production units, total costs, unit costs, work in process balances, and costs transferred between departments. The totals for costs accounted for match across the different costing methods.

    Original Title

    COST-101

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    This document contains calculations for costing methods (FIFO, average, weighted average) using production data across multiple periods. It shows calculations for equivalent production units, total costs, unit costs, work in process balances, and costs transferred between departments. The totals for costs accounted for match across the different costing methods.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    71 views4 pages

    Questions Fifo Average

    Uploaded by

    Claire Barba
    This document contains calculations for costing methods (FIFO, average, weighted average) using production data across multiple periods. It shows calculations for equivalent production units, total costs, unit costs, work in process balances, and costs transferred between departments. The totals for costs accounted for match across the different costing methods.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 4

    QUESTIONS FIFO AVERAGE

    1. The equivalent units of production for materials. 35,000 45,000.00


    2. The equivalent units of production for conversion costs. 32,500 40,000.00
    3. The material cost per equivalent unit. 2 2.03
    4. The conversion cost per equivalent unit. 9 9.34
    5. The normal lost per equivalent unit. 0.5 0.40
    6. The total cost per equivalent unit-preceding & current. 14.5 3.56
    7. The total cost transferred to the next department. 643,000 643,000.00
    8. The unit cost transferred to the next department. 15.03 15.33
    9. The cost of the work in process, ending as to preceding dept. 35,000 38,000.00
    10. The cost of the work in process, ending as to materials. 20,000 20,333.00
    11. The cost of work in process, ending as to conversion cost. 45,000 93,375.00
    12. The cost of work in process, ending. 145,000 113,708.00
    13. The cost of lost units chargeable to products. 2,509 1,977.78
    14. The cost of the work in process, beginning. 140,500 178,000.00

    FIFO COSTING
    In process, beginning(labor & overhead 3/4 complete) ₱ 10,000.00
    Received from preceding department ₱ 40,000.00
    ₱ 50,000.00
    Finished & transferred to storage ₱ 35,000.00
    In process (1/2 labor & overhead) ₱ 10,000.00
    Lost in process ₱ 5,000.00
    ₱ 50,000.00

    Total Cost Unit Cost


    Work in process inventory, October 1 140,500.00
    Transferred in during October 140,000.00 4
    Cost added
    Materials 70,000.00 2
    Labor 162,500.00 4.64
    Overhead 130,000.00 3.71
    Total 362,500.00 10.36
    Lost unit adjustment 3.5
    Total cost accounted for 643,000.00 28.21

    Cost accounted for:


    Transferred to storage
    Beginning inventory ₱ 140,500.00
    Labor ₱ 12,500.00
    Overhead ₱ 10,035.71 ₱ 163,035.71

    From current production


    Units started and finished ₱ 375,714.29
    TOTAL: ₱ 538,750.00

    Adjusted cost from preceding department ₱ 40,100.00


    Materials ₱ 20,000.00
    Labor ₱ 25,000.00
    Overhead ₱ 20,071.43
    ₱ 105,171.43
    Total cost accounted for ₱ 643,921.43
    FIFO
    EUP Calculation
    Materials Labor & Factory Overhead
    Transferred out 10,000.00 10,000.00
    Less : Beg. Inventory 10,000.00 40,000.00
    Started & finished - 30,000.00
    Add:Beg.inventory (1/4) 10,000.00
    End inventory (1/2) 5,000.00 2,500.00
    5,000.00 17,500.00 units
    AVERAGE
    EUP Calculation
    Materials Labor & Factory Overhead
    Transferred out 10,000.00 10,000.00
    Add : Ending inventory 10,000.00 5,000.00
    20,000.00 15,000.00 units
    Weighted Average Costing

    In process, beginning (3/4 cc) 10,000.00


    Received 40,000.00
    50,000.00
    Transferred 35,000.00
    In process(1/2 cc) 10,000.00
    Lost in process 5,000.00
    50,000.00
    Cost charged to department Total cost Unit cost
    WIP, beg 38,000.00 3.8
    Transferred out 140,000.00 3.51
    Total 178,000.00 3.56
    Cost added
    Materials 21,500.00
    Labor 39,000.00
    Overhead 42,000.00
    Cost added
    Materials 70,000.00 2.03
    Labor 162,500.00 5.04
    Overhead 130,000.00 4.3
    Total 362,500.00 11.37083
    Lost unit adjustment 0.4
    Total cost accounted for 643,000.00 15.33

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