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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

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:

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

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