1. Journal Entries 2. Cost of Production Report for Department 1 and 2 for the month of June 2021 3. Statement of Cost of Goods Manufactured for the month of June 2021.
1. Journal Entries 2. Cost of Production Report for Department 1 and 2 for the month of June 2021 3. Statement of Cost of Goods Manufactured for the month of June 2021.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:COST ACCOUNTING AND CONTROL
PROCESS COSTING
PROBLEM I
The following data were taken from the books of Vetto Co. for the month of June 2021
Department 1
Department 2
Units
Started
25,000
Completed & transferred
20,000
18,000
In process, end
5,000
2,000
Stage of completion
40%
50%
Costs
Materials
P 100,000
P 54,000
Labor
66,000
38,000
Overhead
44,000
19,000
In Department 1, materials are added at the beginning of the process while in Department 2,
materials are added at the end of the process.
REQUIRED:
1. Journal Entries
2. Cost of Production Report for Department 1 and 2 for the month of June 2021
3. Statement of Cost of Goods Manufactured for the month of June 2021.
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