Reference no: EM132756663
Question - The LMFAO Corporation manufactures only one product in which the raw materials must go through Process N, M, L in that order before completion.
Inventories of Process L and of Finished Goods on October 1 were as follows:
Process L - 1,200 units, 2/3 completed, P4,200
Finished goods - 1,000 units at P3.00 per unit
During October the following transactions were completed:
2,000 units with a value of P5,000 were transferred from Process M.
Direct labor applied to Process L during October was P3,100.
Overhead costs for October applied to Process L were P3,200.
Inventories on October 31 are as follow:
Process L - 600 units, ½ completed
Finished Goods - 1,300 units
Using FIFO method, compute the value of Process L inventory in process for October 31?
a. P2,400
b. P5,400
c. P3,500
d. P4,200
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