Topics: Costs, Cost accounting, Cost Pages: 2 (311 words) Published: March 16, 2013

Here's a copy of the problem we solved last time as a seatwork. Practice solving this problem.

See you tomorrow.

Mr. Paulo Dalaota


ABC Company produces various kinds of candy and accumulates costs using process costing. The following information is provided under the Mixing department for the month of August: Whole Units
Work in Process, August 1                                                                                  40,000 gallons Units Started and Completed this Period                                                        60,000 gallons Units Completed and transferred out during August                                   100,000 gallons Work in Process, August 31                                                                                 20,000 gallons  

Product Costs
Work in Process, August 1                                                                                Php 347,280                       Costs incurred during August                                                                               Direct Materials Cost                                                                                         Php   96,000 Conversion Cost                                                                                               Php 784,400  

Percentage of Completion – Conversion
Work in Process, August 1                                                                                  80% Work in Process, August 31                                                                                 30% For numbers 1-5

Use First In–First Out (FIFO) cost method in completing the following requirements: 1.     Determine the number of whole units to be accounted for and to be assigned costs for August. 2.     Determine the equivalent units of production for materials and conversion for the Mixing Department. 3.     Determine the cost per...
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