Reference no: EM132715551
Laysho Company manufactures a single product in two departments, cutting and finishing. Production starts in the cutting department and the completed units are transferred to the finishing department. Good units are transferred to the finished goods inventory when completed and spoiled units are transferred to a separate inventory account. Spoiled units are inventoried at their salvage value of P3 each, and the unrecoverable cost of spoilage, which was caused by an internal failure, should be charged to the appropriate account.
Materials given at the start of the production process. At the end of June, 2,000 units were still in process in the Finishing Department, 100% completee as to materials and 60% completee as to conversion costs. During July, 20,000 units were transferred from the Cutting Department to the Finishing Department. At the end of July, the Finishing Departments still had 4,000 units in process, 100% completee as to materials and 20% completee as to conversion costs.
Cost data related to July operations in the Finishing Department follow:
Cost charged to the finishing department -- beg inventory -- added this month
cost from preceding department -- P6050 -- P54450
materials -- 3410 -- 30690
Labor -- 1638 -- 14742
Factory Overhead -- 2184 -- 19656
Required:
Problem 1: Prepare the July Cost production report for finishing department using weighted average method
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