Output No. 2 The JBriones Company uses process costing in its two producing departments. The following information pertain to Department 2 for November. Normal spoilage is 5% of output; inspection and identification of spoilage take place at the end of the process; materials are added after inspection. Department 2 received 28,000 units from Department 1 at a cost of P280,000. Department 2 costs were P24,000 for materials and P180,000 for conversion costs. A total of 16,000 units were completed and transferred to finished goods. At the end of the month, 10,000 units were still in process, estimated to be 60% complete as to conversion costs. Required: Cost of production report for Department 2
Output No. 2 The JBriones Company uses process costing in its two producing departments. The following information pertain to Department 2 for November. Normal spoilage is 5% of output; inspection and identification of spoilage take place at the end of the process; materials are added after inspection. Department 2 received 28,000 units from Department 1 at a cost of P280,000. Department 2 costs were P24,000 for materials and P180,000 for conversion costs. A total of 16,000 units were completed and transferred to finished goods. At the end of the month, 10,000 units were still in process, estimated to be 60% complete as to conversion costs. Required: Cost of production report for Department 2
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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I BADLY NEED YOUR HELPPPPP ;(
Transcribed Image Text:Jobs 201 and 202 have been completed and delivered
ofrs50,000. Job 204 is still in process. There was no work in process at the begin
month.
Required:
In
L Prepare the summary journal entries for the month to record the preceding information.
(Assume a work in process accounts is maintained for each job.}
2. Prepare a cost sheet for each job.
3. Prepare statement of cost of goods manufactured and sold.
Output No. 2
The JBriones Company uses process costing in its two producing departments. The following
information pertain to Department 2 for November.
Normal spoilage is 5% of output; inspection and identification of spoilage take place at the
end of the process; materials are added after inspection.
Department 2 received 28,000 units from Department 1 at a cost of P280,000. Department 2
costs were P24,000 for materials and P180,000 for conversion costs.
A total of 16,000 units were completed and transferred to finished goods. At the end of the
month, 10,000 units were still in process, estimated to be 60% complete as to conversion
costs.
Required: Cost of production report for Department 2
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