Reference no: EM132855171

Question - Minions Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data of Minions Company for the month of September follows:

Production data:

In process, September 1 (37.50% converted): 8,000 units

Started during September: 20,000 units

Completed and transferred to finished goods: 25,500 units

In process, September 30 (80% converted): 2,500 units

Manufacturing costs:

Work in process (WIP), Beginning: P24,500

Materials: P80,000

Direct labor cost: P96,500

Factory overhead cost : P75,000

Required - Prepare a cost of production report for the month of September. Use the first-in, first-out process costing approach.