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Question - Juniper Company manufactures a single product in two departments, Cutting and Finishing. Units of product are started in the Cutting Department and then transferred to the Finishing Department, where they are completed. Units are inspected at the end of the production process in the Finishing Goods Inventory, and spoiled units are transferred to Spoiled Goods Inventory. Spoiled units are inventoried at their salvage value of P15.00 each, and the unrecoverable cost of spoilage is charged to Factory Overhead Control. During July, 5,000 units were transferred from the Cutting Department to the Finishing Department and 3,800 were transferred from the Finishing Department to Finished Goods Inventory. At the end of July, the Finishing Department still had 800 units in process, 20% complete conversion costs. All materials are added at the beginning of the process in Finishing Department. Cost data related to July operations in the Finishing Department are: Costs from prior department P60,000 Materials P22,600 Labor P17,440 Overhead P13,080.
Required -
1. Cost of Production Report for the Finishing Department.
2. Prepare the appropriate general journal entry to record the transfer of cost out of the Finishing Department this period.
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