Problem 1 Metal Farication Corporation manufactures their product in two departments. For the month of June of the current year, Cutting Department, the first department started to process 4,600 units. Materials amounting to P11,500 all were placed at the beginning of the process. Direct labor paid was P6,450 and overhead applied was P7,525. The department completed and transferred 4,000 units to the Assembly Department, the last department. Units still in process were 50 Assembly Department completed and transferred to finished goods store room 3,400 units. No materials were added by the department. Direct labor paid was P8,460 and overhead applied was P6,768. At the end of the month, units still in process were 60% converted. Instructions: Prepare cost of production reports and necessary journal entries for Cutting department for the month of June of the current year.

Problem 1 Metal Farication Corporation manufactures their product in two departments. For the month of June of the current year, Cutting Department, the first department started to process 4,600 units. Materials amounting to P11,500 all were placed at the beginning of the process. Direct labor paid was P6,450 and overhead applied was P7,525. The department completed and transferred 4,000 units to the Assembly Department, the last department. Units still in process were 50 Assembly Department completed and transferred to finished goods store room 3,400 units. No materials were added by the department. Direct labor paid was P8,460 and overhead applied was P6,768. At the end of the month, units still in process were 60% converted. Instructions: Prepare cost of production reports and necessary journal entries for Cutting department for the month of June of the current year.

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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