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Calculate cost of transferred to finished goods inventory

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Question - Alberta Instrument Company uses a process costing system. A unit of product passes through three departments - molding, assembly and finishing before it is completed. The following activity took place in the Department during May: WIP, May 1 - 1,400 units; Units transferred in from Assembly Department - 14,000 units; Units transferred out to finished goods inventory - 11,900 units.

Raw material is added at the beginning of processing in the Finishing Department. The work in process inventory was 70% complete to conversion on May 1 and 40% complete to conversion on May 31. Alberta Instrument Company uses the weighted-average method of process costing. The cost per EUP is as follows: transferred in - P5.00; Raw materials - P1.00; Conversion Costs - P3.00. Calculate the cost of units transferred to finished goods inventory during May and the cost of Finishing Department's work in process inventory on May 31.

a. FG - P107,100; WIP - P25,200

b. FG - P107,100; WIP - P6,300

c. FG - P126,000; WIP - P6,300

d. FG - P126,000; WIP - P25,200

Reference no: EM132758786

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