Lakeview Corporation is a manufacturer that uses the weighted average process cost method to account for...

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Lakeview Corporation is a manufacturer that uses the weighted average process cost method to account for costs of production. Lakeview manufactures a product that is produced in three separate departments: Molding, Assembling, and Finishing The following information was obtained for the Assembling department for the month of June 2022 Work in process, June 1-2,000 units composed of the following Amount Degree of Completion Transferred in from the Molding Department P32,000 100% Cost added by the assembling department Direct materials P20,000 100% Direct labor 7,200 60% Factory overhead applied 5,500 50% Total 32,700 P64,700 Work in process, June 1 The following activity occurred during the month of June: 10,000 units were transferred in from the Molding Department at a cost of P160,000 P150,000 of costs were added by the Assembling Department: Materials P96,000 Labor 36,000 Overhead applied 18,000 8,000 units were completed and transferred to the Finishing Department At June 30, 4,000 units were still in work in process. The degree of completion of work in process at June 30, was as follows: Direct Materials 90% Direct labor 70% Overhead applied 35% Required: Prepare in good form a cost of production report for the Assembling Department for the June. Show supporting computations in good form. The report should include Equivalent units of production . Total manufacturing costs Cost per equivalent units Peso amount of ending work in process Peso amount of inventory cost transferred out Lakeview Corporation is a manufacturer that uses the weighted average process cost method to account for costs of production. Lakeview manufactures a product that is produced in three separate departments: Molding, Assembling, and Finishing The following information was obtained for the Assembling department for the month of June 2022 Work in process, June 1-2,000 units composed of the following Amount Degree of Completion Transferred in from the Molding Department P32,000 100% Cost added by the assembling department Direct materials P20,000 100% Direct labor 7,200 60% Factory overhead applied 5,500 50% Total 32,700 P64,700 Work in process, June 1 The following activity occurred during the month of June: 10,000 units were transferred in from the Molding Department at a cost of P160,000 P150,000 of costs were added by the Assembling Department: Materials P96,000 Labor 36,000 Overhead applied 18,000 8,000 units were completed and transferred to the Finishing Department At June 30, 4,000 units were still in work in process. The degree of completion of work in process at June 30, was as follows: Direct Materials 90% Direct labor 70% Overhead applied 35% Required: Prepare in good form a cost of production report for the Assembling Department for the June. Show supporting computations in good form. The report should include Equivalent units of production . Total manufacturing costs Cost per equivalent units Peso amount of ending work in process Peso amount of inventory cost transferred out