The department production report of CPA Company for June 2020 is summarized below:
Trimming
Department
Assembly
Department
Finishing
Department
Quantity:
Started in Process 6,000 - -
Transferred in - 5,400 5,000
Transferred out 5,400 5,000 4,800
Work in Proceses - End 600 400 200
Stage of Completion for WIP, end
Materials Complete 95% 80%
Conversion Cost 60% 75% 90%
Cost incurred:
Materials 33,600.00 16,786.00 6,400.00
Labor 18,500.00 14,840.00 10,320.00
Overhead 9,217.00 7,120.00 4,960.00

Required:

1. Prepare the cost of production report. Round total costs to the nearest peso and unit cost to four decimal places.

2. Prepare journal entries to record the following:

a. To charge materials, labor, and overhead to production.

b. To record the transfer of goods from the Trimming Department to the Assembly Department.

c. To record the transfer of goods from the Assembly Department to the Finishing Department.

d. To record the completion of goods and their transfer to Finished Goods.