PROBLEM 4 July Corporation uses process costing in its two producing departments. In Department 2, inspection takes place at the 70% stage of completion, after which materials are added to good units. A spoilage rate of 5% of good units is considered normal. Materials are added 30% at the start of the process and 70% following inspection. UNITS Received from Department 1 (at P 7.00 per unit) 12,000 Completed and transferred 9,000 In process, end (90% complete) 2,000 COSTS Added in the department Materials P 22,400 Conversion costs 46,000 REQUIRED: 1. Prepare a Cost of Production Report.

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.