Please refer the queations to the images attached. Thank you.Required: Compute equivalent units of production.Prepare the cost of production. Round total costs to the nearest peso. Prepare jouürnal entnes to record the transfer of goods from the As-4.sembly Department to the Finishing Department.Prepare journal entries to record the completion of goods and thetransfer to Finished Goods.Problem 10-10: Cost of Production Report and Journal Entries.The departmental heads of Glorieta Factories, Inc., have submitted themonthly production reports for June, 2018. These reports have been sum-marized as follows:TrimmingDepartmentAssemblyDepartmentFinishingDepartmentQuantity:Started in ProcessTransferred inTransfered outWork in Process - End6,000-0--0--0-5,4005,0005,0004,8002005,400600400Stage of Completion of Workin Process - End:MaterialsLaborOverheadComplete95%80%60%75%90%60%85%80%5. 396Chapter 10Problem 10-10-ContinuedCosts are allocated as follows:AllocationMaterialsLaborOverheadTrimming DepartmentAssembly DepartmentFinishing DepartmentP33,60016,7866,400P18,50014,84010,320P9,2177,1204,960Required:Compute equivalent units of production.Prepare the cost of production report. Round total costs to the near-est peso.1.2.Prepare journal entries to record the following:a. To charge materials, labor, and overhead to production.b. To record the transfer of goods from the Trimming Departmentto the Assembly Department.c. To record the transfer of goods from the Assembly Department tothe Finishing Department.d. To record the completion of goods and their transfer to FinishedGoods.3.

Glorieta Factories Month Ending June 18 Trimming Dep Particulars…

Answered: Stage of Completion of Work in Process…

Business

Accounting

Stage of Completion of Work in Process - End: Materials Labor Overhead Complete 60% 95% 80% 75% 90% 60% 85% 80%

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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