Palmolive Asia manufactures gel in three departments and accounts costs usincy

the FIFO method. The Finishing Department is the last step before the product is

transferred to storage vats for bottling. In this department, all materials are added

at the beginning of the process and any lost units which are inherent in production

process are discovered at this point. The following data are available for the

Finishing Department for the month of September of the current year.

In process, Sept. 1 - 10,000 units (75% complete)

Costs from Preceding Dept.P76,000

Costs from this Department:

Materials P43,000

Labor 78,000

Overhead84,000

Received from preceding dept. - 40,000 units

Costs added this period:

Materials P140,000

Labor 324,000

Overhead 260,000

Costs from preceding dept.280,000

Finished and transferred to storage - 35,000 units

In process, Sept. 30, 1/2 complete - 10,000 units

Determine the cost of production report and give all journal entries required to record the above information