Reference no: EM132789337
Question -
Q1. The following information is available for JKL Company for April:
Beginning WIP (60% unconverted) 7,500 units
Started this month 80,000 units
Normal spoilage (discrete) 1,100 units
Abnormal spoilage 900 units
Ending WIP (70% done) 13,000 units
Transferred out 72,500 units
Beginning Work in Process Costs:
Material 10,400
Conversion 13,800
Current Costs:
Material 120,000
Conversion 350,000
All materials are added at the start of production and the inspection point is at the end of the process.
What is the cost assigned to ending inventory using FIFO?
Q2. Paul manufactures A, B, and C, all of which are joint products, and D, which is classified as a by-product. If joint manufacturing costs amount to P450,000 and the company is using a popular accounting method, the firm will:
a. decrease P450,000 by the net realizable value of D and then allocate the total among A, B, and C.
b. decrease P450,000 by the net realizable value of D and then allocate the total among A, B, C, and D.
c. increase P450,000 by the net realizable value of D and then allocate the total among A, B, and C.
d. allocate P450,000 among A, B, and C.
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