Reference no: EM133073348
Questions -
Q1. Kaagapay Company has the following information for the month of November: Started in process units, 400,000; Work in process, beg, (35% complete) 80,000 units; Normal spoilage, 14,000 units; Abnormal spoilage, 20,000 units; Work in process, end (70% complete), 58,000 units; Completed and transferred out, 388,000 units. Costs incurred last month were: Materials, P60,000; Conversion costs, P40,000. All materials are added at the start of the production process. The company inspects goods at 75% completion as to conversion costs. The costs per EUP for materials and conversion costs are P1 and P1.50 respectively. What is the cost assigned to normal spoilage, using the weighted average and where is it assigned?
a. P29,750 to transferred out units
b. P29,750 to transferred out units and ending work in process.
c. P35,000 to transferred out units
d. P35,000 to transferred out units and ending work in process.
Q2. Kaagapay2 Company has the following information for the month of November: Started in process units, 400,000; Work in process, beg, (35% complete) 80,000 units; Normal spoilage, 14,000 units; Abnormal spoilage, 20,000 units; Work in process, end (70% complete), 58,000 units; Completed and transferred out, 388,000 units. Costs incurred last month were: Materials, P60,000; Conversion costs, P40,000. All materials are added at the start of the production process. The company inspects goods at 75% completion as to conversion costs. The costs per EUP for materials and conversion costs are P1 and P1.50 respectively. What is the amount assigned to period cost for the month using FIFO?
a. P0
b. P37,500
c. P42,500
d. P50,000
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