Computing equivalent production; preparing a cost of production report for one department; making journal entries. The Elias Company manufactures one product, involving three processing departments. During the month of April 19X7, the company’s first month of production, 144,000 units were placed in production in the first department with the following costs being added:

materials, $146,880; labor, $82,350; and overhead, $48,300. On April 30, 15,000 units were in process in this department with all materials having been added and 60 percent of the labor and overhead added.

Instructions 1. Prepare a schedule of equivalent production for the first department for April.

2. Prepare a cost of production report for the first department for April.

3. Give the entries in general journal form to charge the costs to production and to record the transfer of units to the second department.