Solution-Prepare a cost of production report using FIFO

Prepare a cost of production report using FIFO method

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Reference no: EM132868700

Question - Lolita Company has the following information available for June 2020:

Beginning Work in Process Inventory (25% complete as to conversion) 20,000 units

Started 130,000 units

Ending Work in Process Inventory (75% complete as to conversion) 30,000 Units

Beginning Work in Process Inventory Costs:

Material P4,400

Conversion 17,250

Current Period Costs:

Material P52,000

Conversion 82,500

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

Required -

1. Prepare a cost of production report using FIFO method.

2. Prepare a cost of production report using weighted-average method.

Reference no: EM132868700

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Prepare a cost of production report using FIFO method

Reference no: EM132868700

Reference no: EM132868700

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