Reference no: EM132721363
The following data are available for the year 2020 for Tess Corp., which uses weighted-average process costing.
Beginning Inventory (40% complete) 15,000 units
Units started during 2020 260,000 units
Units completed during 2020 250,000 units
Ending Inventory (70% complete) 25,000 units
Cost of Inventory at beginning of 2020 P13,750
Production Costs incurred during 2020 P419,600
Requirement:
Problem 1: Compute for the equivalent production for 2020
Problem 2: Compute for the unit cost for the year 2020 rounded off to the nearest cent
Problem 3: Compute for the cost of Ending Inventory of the work in Process
Problem 4: Compute for the cost of Goods completed and transferred to finished goods
Problem 5: Tess now uses FIFO method. Compute for the the ending inventory work in process.