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How do make a cost of production report

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Reference no: EM132626404

ABM Company uses two departments to produce a product. The following data were taken from the books for the month of January 2012.

                                              Department 1                          Department 2

Units: Started 60,000

Completed and transferred        40,000                                  30,000

In Process, end                        20,000                                   10,000

Stage of completion                       75%                                     80%

Costs: Materials                              P480,000                      P245,000

Labor                                            330,000                            190,000

Factory Overhead                               220,000                          114,000

Department 1- all materials added at the beginning of the process.

Department 2-50% of the materials are added at the beginning of the process, remaining 50% added at the end of the process.

Required:

Problem 1: Cost of Production report

Reference no: EM132626404

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