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Compute for the cost of ending inventory of work in process

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Reference no: EM132721363

The following data are available for the year 2020 for Tess Corp., which uses weighted-average process costing.

Beginning Inventory (40% complete) 15,000 units
Units started during 2020 260,000 units
Units completed during 2020 250,000 units
Ending Inventory (70% complete) 25,000 units
Cost of Inventory at beginning of 2020 P13,750
Production Costs incurred during 2020 P419,600

Requirement:

Problem 1: Compute for the equivalent production for 2020

Problem 2: Compute for the unit cost for the year 2020 rounded off to the nearest cent

Problem 3: Compute for the cost of Ending Inventory of the work in Process

Problem 4: Compute for the cost of Goods completed and transferred to finished goods

Problem 5: Tess now uses FIFO method. Compute for the the ending inventory work in process.

Reference no: EM132721363

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