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PLEASE PREPARE PRODUCTION REPORT USING WEIGHTED AVERAGE METHOD.

PLEASE PREPARE PRODUCTION REPORT USING WEIGHTED AVERAGE METHOD.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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PLEASE PREPARE PRODUCTION REPORT USING WEIGHTED AVERAGE METHOD. THANK YOU

Cost for the month Work in process, beg. Materials, chemicals Labor (P100 per hour) P456,000 62,500 Overhead 18,750 The month's cost added Materials, chemicals 2,284,000 Materials, cans 70,000 Labor 350,000 Overhead 105,000 The company manufactures high quality paints. Production begins with the blending of the various chemicals, which are added at the beginning of the process and ends with the canning of the paint. Canning occurs when the mixture reaches the 90% stage of completion. The gallon cans are then transferred to the Shipping Department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Overhead is allocated on the basis of direct labor hour at the rates of P30 per hour.
Transcribed Image Text:Cost for the month Work in process, beg. Materials, chemicals Labor (P100 per hour) P456,000 62,500 Overhead 18,750 The month's cost added Materials, chemicals 2,284,000 Materials, cans 70,000 Labor 350,000 Overhead 105,000 The company manufactures high quality paints. Production begins with the blending of the various chemicals, which are added at the beginning of the process and ends with the canning of the paint. Canning occurs when the mixture reaches the 90% stage of completion. The gallon cans are then transferred to the Shipping Department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Overhead is allocated on the basis of direct labor hour at the rates of P30 per hour.
For the month just ended, the following data were generated by Alonzo Corporation. Physical units Units in process, beg. Materials, chemicals (? complete) Materials, cans (0% complete) Labor and Overhead (25% converted) Started in process Transferred to shipping In process, end Materials, chemicals (100% complete) Materials, cans (? complete) 4,000 gallons 21,000 gallons 20,000 gallons Labor and overhead (80% complete)
Transcribed Image Text:For the month just ended, the following data were generated by Alonzo Corporation. Physical units Units in process, beg. Materials, chemicals (? complete) Materials, cans (0% complete) Labor and Overhead (25% converted) Started in process Transferred to shipping In process, end Materials, chemicals (100% complete) Materials, cans (? complete) 4,000 gallons 21,000 gallons 20,000 gallons Labor and overhead (80% complete)
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