Daily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are included at the inception of the process. Conversion costs are incurred evenly throughout the...

Question:

The cost of completed and the cost of ending inventory are:

Extracted text: Daily Custom Company manufactures plastic chairs in its Processing Department. Direct materials are included at the inception of the process. Conversion costs are incurred evenly throughout the process. The machine broke down at 60% stage of completion due to inefficient operator that caused some of the units in process to be spoiled with no market value. Daily Custom Company uses FIFO in accumulating costs. Data provided for September of the current year are as follows Work in process, beg. 30,000 units 80,000 units 86,000 units Mat-100%; CC-89.5% Started Completed & transferred Work in process, end Costs: 20,000 units Mat-100%; CC-75% Work in Process, beg. Materials P70,000 Conversion costs 40,000 Added during the period: Materials P160,000 Conversion costs 122,480