Prepare a cost of production report

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Reference no: EM133424629

Question: Company uses process costing. All materials are added at the beginning of the process. The product is inspected when its 80% converted, and spoilage is identified only at that point. Normal spoilage is expected to be 3% of good output. During March, 10,500 units were put into process. Current costs were P52,530 for materials; P39,933 for labor; and P29,580 for factory overhead. The 3,000 units still in process at the end of March were estimated to be 90% complete. A total of 7,000 units were transferred to finished goods.

Required: Prepare a cost of production report.

Reference no: EM133424629

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