Holiday Company produces dog food. All direct materials are entered at the beginning of the process. Some shrinkage occurs during the production process, but management considers any shrinkage of up...

How much is the cost of transferred out?

Extracted text: Holiday Company produces dog food. All direct materials are entered at the beginning of the process. Some shrinkage occurs during the production process, but management considers any shrinkage of up to 5% of started during the month to be normal. May 2019 data are as follows: Beginning WIP (45% complete) Started during the month 36,000 pounds 120,000 pounds 126,000 pounds 22,000 pounds Transferred to FG Ending WIP (70% incomplete) Beginning work in process: Materials – P24,000; Conversion – P9,800. Current period costs: Materials – P86,640; Conversion - P54,144. The company uses FIFO Method. How much is the cost of transferred out?