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What is the cost assigned to ending inventory

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Reference no: EM132960044

Question - Gerald Corporation has the following information for the current month:

Units started 95,000000 units

Beginning Work in Process: (30% complete) 15,000000 units

Normal spoilage (discrete) 3,000000 units

Abnormal spoilage 4,000000 units

Ending Work in Process: (75% complete) 15,0000000 units

Transferred out 88,000000 units

Beginning Work in Process Costs:

Material P18,000000

Conversion 14,000000

All materials are added at the start of the production process. Gerald Corporation inspects goods at 75 percent completion as to conversion.

Required -

1. What are equivalent units of production for material, assuming FIFO?

2. What are equivalent units of production for conversion costs, assuming FIFO?

3. Assume that the costs per EUP for material and conversion are P2.00 and P2.25, respectively. What is the amount of the period cost for July using FIFO?

4. Assume that the costs per EUP for material and conversion are P2.00 and P2.25, respectively. Using FIFO, what is the total cost assigned to the transferred-out units (rounded to the nearest peso)?

5. What are equivalent units of production for material assuming weighted average is used?

6. What are equivalent units of production for conversion costs assuming weighted average is used?

7. Assume that the costs per EUP for material and conversion are P2.00 and P2.25, respectively. What is the cost assigned to normal spoilage, using weighted average, and where is it assigned?

8. Assume that the costs per EUP for material and conversion are P2.00 and P2.25, respectively. Assuming that weighted average is used, what is the cost assigned to ending inventory?

Reference no: EM132960044

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