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Determine cost of production report using FIFO method

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Question - Lolita Company has the following information available for June 2020: Beginning Work in Process Inventory

(25% done as to conversion) 20,000 units

Started 130,000 units

Ending Work in Process Inventory

(75% done as to conversion) 30,000 Units

Beginning Work in Process Inventory Costs:

Material P4,400

Conversion 17,250

Current Period Costs:

Material P 52,000

Conversion 82,500

All material is added at the start of production and all products completed are transferred out.

Required -

1. Determine cost of production report using FIFO method.

2. Determine cost of production report using weighted-average method.

Reference no: EM132875377

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