Reference no: EM132796086
Nicole company employs 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 finishing department during May:
Work in Process, May 1 - 1,400 units;
transferred in form the Assembly Department - 14,000 units;
spoilage - 700 units;
completed and transferred to finished goods inventory - 11,200 units.
Direct material is added at the beginning of the process in the Finishing Department without changing the number of units being processed. Conversion costs are added evenly throughout the process. The work in process inventory was 70% complete to conversion costs in May 1 and 40% complete to conversion costs on May 31. All spoilage is discovered at final inspection, which occurs immediately after the units are completed. 560 of the units spoiled were within the limit considered normal. Nicole Company employs the weighted average costing method.
The cost per equivalent unit of production in May are as follows:
Transferred in Cost P5.00;
materials P1.00 and
Conversion cost P3.00
Problem a. Cost of the units completed and transferred
Problem b. cost charged to factory overhead control
Problem c. cost of the units in process, end
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