Panasonic Corporation

This month, the beginning inventory in the first processing department consisted of 1,500 units. The costs and percentage completion of these units in beginning inventory were:

		Cost	Percent Complete
	Materials costs...................	P48,000	60%
	Labor costs........................	P32,000	50%
	Applied factory overhead	P26,000	50%

A total of 8,500 units were started and 9,000 units were transferred to the second processing department during the month. The following costs were incurred in the first processing department during the month:

	Materials costs....................	P101,800
	Labor costs..........................	P74,000
	Applied factory overhead	68,000

The ending inventory was 70% complete with respect to materials and 60% complete with respect to labor and factory overhead costs.

Requirement:

Formulate a cost of production report using FIFO and weighted-average method with corresponding journal entries.