Reference no: EM132971345

Question - The costing of the ending work in process and finished goods which were recorded on LABAN O LABAN's book were as follows:

WIP (50% completed as to labor and overhead) 300,000 units

Finished goods 200,000 units @ Php 1,008,900

Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 60% direct labor costs. There was no finished goods inventory on May 1. A review of the company's inventory costs records disclosed the following information:

WIP. May 1 (80% complete as to labor and overhead) 200,000 units, materials @ Php 200,000, labor @ Php 315,000

Units started in production 1,000,000 units, materials cost @ Php 1,300,000, labor cost @ Php 1,559,000

Units completed 900,000 units

Required -

1. Using the average method, compute the equivalent unit of materials.

2. Using the average method, compute the equivalent unit of conversion costs.

3. Using the average method, compute the cost per equivalent unit for labor.

4. Using the average method, compute the total cost for overhead.

5. Using the average method, compute the total cost for the ending inventory of finished goods.

6. Using the FIFO method, compute the equivalent unit of materials.

7. Using the FIFO method, compute the equivalent unit of conversion costs.

8. Using the FIFO method, compute the cost per equivalent unit for labor.

9. Using the FIFO method, compute the total cost for overhead.

10. Using the FIFO method, compute the total cost for the ending inventory of finished goods.