Grant Corporation

The following information is available for Grant Corporation for the current month:

Started this month 80,000 units

Beginning WIP
(40% complete) 7,500 units

Normal spoilage (discrete) 1,100 units

Abnormal spoilage 900 units
Ending WIP
(70% complete) 13,000 units

Transferred out 72,500 units

Beginning Work in Process Costs:

Material P10,400

Conversion 13,800

Current Costs:
Material P120,000

Conversion 350,000

All materials are added at the start of production and the inspection point is at the end of the process.

131. Refer to Grant Corporation. What are equivalent units of production for material using FIFO?
a. 80,000
b. 79,100
c. 78,900
d. 87,500
132. Refer to Grant Corporation. What are equivalent units of production for conversion costs using FIFO?
a. 79,700
b. 79,500
c. 81,100
d. 80,600
133. Refer to Grant Corporation. What are equivalent units of production for material using weighted average?
a. 86,600
b. 87,500
c. 86,400
d. 85,500
134. Refer to Grant Corporation. What are equivalent units of production for conversion costs using weighted
average?
a. 83,600
b. 82,700
c. 82,500
d. 81,600
135. Refer to Grant Corporation. What is cost per equivalent unit for material using FIFO?
a. P1.63
b. P1.37
c. P1.50
d. P1.56
136. Refer to Grant Corporation. What is cost per equivalent unit for conversion costs using FIFO?
a. P4.00
b. P4.19
c. P4.34
d. P4.38
137. Refer to Grant Corporation. What is cost per equivalent unit for material using weighted average?
a. P1.49
b. P1.63
c. P1.56
d. P1.44
138. Refer to Grant Corporation. What is cost per equivalent unit for conversion costs using weighted average?
a. P4.19
b. P4.41
c. P4.55
d. P4.35
139. Refer to Grant Corporation. What is the cost assigned to ending inventory using FIFO?
a. P75,920
b. P58,994
c. P56,420
d. P53,144
140. Refer to Grant Corporation. What is the cost assigned to abnormal spoilage using FIFO?
a. P1,350
b. P3,906
c. P5,256
d. P6,424
141. Refer to Grant Corporation. What is the cost assigned to normal spoilage and how is it classified using
weighted average?
a. P6,193 allocated between WIP and Transferred Out
b. P6,424 allocated between WIP and Transferred Out
c. P6,193 assigned to loss account
d. P6,424 assigned to units Transferred Out
142. Refer to Grant Corporation. What is the total cost assigned to goods transferred out using weighted
average?
a. P435,080
b. P429,824
c. P428,656
d. P423,400