WHAT ARE THE JOURNAL ENTRIES NECESSARY TO RECORD THE PRODUCTION OF THE FINISHING DEPARTMENT

NORMAL/ABNORMAL LOSS - FIFO Costs: The finishing department for Puno Company for the month of June reported the following: Work in Process, beg. Cost from Preceding Department P12,000 Materials Conversion Costs Costs This Department 8,400 13,680 Materials 518,000 Conversion Costs 940,000 Cost from Preceding Dep't This Month 740,000 Quantities Work in Process, beg. 1,000 Transferred in from prior department 36,800 Transferred out to next department 34,500 Normal Lost Units 200 Abnormal Lost Units 3,000 Percentage of completion of Work in Process Materials Beg End 100% Conversion Cost 50% 60% The normal spoilage is discovered at the time of final inspection of the units as they leave the department and are transferred to finished goods. It is therefore assumed that the units have been fully processed in the Finishing Department.