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What are the cost assigned to units transferred out

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Question - The cost data and production data for Beth Company for the month of August were as follows:

Cost Data: Work in process, August 1:

Materials P 52,000

Conversion costs P 69,000

Cost added this month:

Materials P 600,000

Conversion costs P 1,602,000

Production Data: Work in process, August 1 (60% incomplete) 9,735 units

Started in production this August 100,000 units Transferred out 90,625 units

Work in process, August 31 (30% to be done) 16,250 units Normal lost units 1,375 units

Abnormal lost units ?

All materials are added at the start of the process and lost units are detected at the inspection point of 75% completion.

1. Using the FIFO method, what are the cost assigned to units transferred out and units in ending work in process?

2. Using the average method, what are the cost assigned to units transferred out and units in ending work in process?

3. What is the cost of abnormal lost units? FIFO & Average Method?

Reference no: EM132941137

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