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PS 1 Process Costing Answer Key

The document is a cost of production report for the assembly and finishing departments of SOLSA Company for the month of January. It provides details of beginning and ending work in process inventory, units started and completed, equivalent units of production, production costs, and cost of goods transferred out and remaining in inventory. Calculations are provided to determine cost per equivalent unit for materials, labor, and overhead for both departments.

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Kelvin Culajará
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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231 views56 pages

PS 1 Process Costing Answer Key

The document is a cost of production report for the assembly and finishing departments of SOLSA Company for the month of January. It provides details of beginning and ending work in process inventory, units started and completed, equivalent units of production, production costs, and cost of goods transferred out and remaining in inventory. Calculations are provided to determine cost per equivalent unit for materials, labor, and overhead for both departments.

Uploaded by

Kelvin Culajará
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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SOLSA Company

Cost of Production Report - Assembly Dep't


For the Month Ended January 31, 20XX

Units to account for Materials Labor

Beginning WIP inventory 1,250 1,250


Units started in process during the month 17,600 17,600
Total units to account for 18,850 18,850

Units accounted for Materials Labor

Units transferred out 18,130 18,130


Ending WIP inventory 720 720
Total units accounted for 18,850 18,850

Units transferred out 18,130 18,130


Equivalent units of production for ending WIP 720 504
Equivalent units of production 18,850 18,634

Production costs to account for Materials Labor

Beginning WIP inventory ₱ 12,000.00 ₱ 23,000.00


Current costs 321,000.00 543,000.00
Total costs to account for ₱333,000.00 ₱ 566,000.00

Total costs to account for ₱333,000.00 ₱ 566,000.00


Divide by EUP 18,850.00 18,634.00
Cost per EUP ₱ 17.67 ₱ 30.37

Production costs accounted for Materials Labor

Cost of units transferred out ₱320,280.64 ₱ 550,691.21


Cost of ending WIP inventory 12,719.36 15,308.79
Total costs to account for ₱333,000.00 ₱ 566,000.00
Date

January 31, 20XX

Overhead

1,250
17,600
18,850
January 31, 20XX
Overhead

18,130
720
18,850

18,130
648
18,778

Overhead Total

₱ 34,000.00 ₱ 69,000.00
126,000.00 990,000.00
₱160,000.00 ₱1,059,000.00

₱160,000.00
18,778.00
₱ 8.52

Overhead Total

₱154,478.65 ₱1,025,450.49
5,521.35 33,549.51
₱160,000.00 ₱1,059,000.00
Account Titles Debit

WIP inventory- Assembly ₱ 990,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

WIP inventory- Finishing ₱1,025,450.49


WIP inventory - Assembly
This entry is for the transferred out units to finishing
department.
Credit

₱ 321,000.00
543,000.00
126,000.00

₱1,025,450.49
SOLSA Company
Cost of Production Report - Finishing Dep't
For the Month Ended January 31, 20XX

Units to account for Transferred in Materials

Beginning WIP inventory 250 250


Units started (transferred in) 18,130 18,130
Total units to account for 18,380 18,380

Units accounted for Transferred in Materials

Units transferred out 18,360 18,360


Ending WIP inventory 20 20
Total units accounted for 18,380 18,380

Units transferred out 18,360 18,360


Equivalent units of production for ending WIP 20 20
Equivalent units of production 18,380 18,380
- -

Production costs to account for Transferred in Materials

Beginning WIP inventory ₱ 20,000.00 ₱ 9,000.00


Current costs 1,025,450.49 87,000.00
Total costs to account for ₱ 1,045,450.49 ₱ 96,000.00

Total costs to account for ₱ 1,045,450.49 ₱ 96,000.00


Divide by EUP 18,380.00 18,380.00
Cost per EUP ₱ 56.88 ₱ 5.22

Production costs accounted for Transferred in Materials

Cost of units transferred out ₱ 1,044,312.90 ₱ 95,895.54


Cost of ending WIP inventory 1,137.60 104.46
Total costs to account for ₱ 1,045,450.49 ₱ 96,000.00
- -
Date

January 31, 20XX

Labor Overhead

250 250
18,130 18,130
18,380 18,380
January 31, 20XX
Labor Overhead

18,360 18,360
20 20
18,380 18,380

18,360 18,360
6 13
18,366 18,373
- -

Labor Overhead Total

₱ 8,000.00 ₱ 7,000.00 ₱ 44,000.00


76,000.00 650,000.00 1,838,450.49
₱ 84,000.00 ₱657,000.00 ₱1,882,450.49

₱ 84,000.00 ₱657,000.00
18,366.00 18,373.00
₱ 4.57 ₱ 35.76

Labor Overhead Total

₱ 83,972.56 ₱656,535.13 ₱1,880,716.13


27.44 464.87 1,734.37
₱ 84,000.00 ₱657,000.00 ₱1,882,450.49
- - -
Account Titles Debit

WIP inventory- Assembly ₱ 813,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

Finished goods inventory ₱1,880,716.13


WIP inventory - Finishinig
This entry is for the transferred out units to finishing
department.
Credit

₱ 87,000.00
76,000.00
650,000.00

₱1,880,716.13
SOLSA Company
Cost of Production Report - Assembly Dep't
For the Month Ended January 31, 20XX

Units to account for Materials Labor

Beginning WIP inventory 1,250 1,250


Units started in process during the month 17,600 17,600
Total units to account for 18,850 18,850

Units accounted for Materials Labor

Units transferred out 18,130 18,130


Ending WIP inventory 720 720
Total units accounted for 18,850 18,850

EUP for beginning WIP inventory - 750


Units started currently and finished 16,880 16,880
EUP of units transferred out 16,880 17,630
Equivalent units of production for ending WIP 720 504
Equivalent units of production 17,600 18,134

Production costs to account for Materials Labor

Beginning WIP inventory ₱ 12,000.00 ₱ 23,000.00


Current costs 321,000.00 543,000.00
Total costs to account for ₱333,000.00 ₱ 566,000.00

Current costs ₱321,000.00 ₱ 543,000.00


Divide by EUP 17,600.00 18,134.00
Cost per EUP ₱ 18.24 ₱ 29.94

Production costs accounted for Materials Labor

Beginning WIP inventory 12,000.00 23,000.00


Cost of beginning inventory transferred out - 22,457.81
Cost of finished WIP inventory 12,000.00 45,457.81
Cost of units started and finished currently 307,868.18 505,450.53
Cost of units transferred out 319,868.18 550,908.35
Cost of ending WIP inventory 13,131.82 15,091.65
Total costs to account for ₱333,000.00 ₱ 566,000.00
Date

January 31, 20XX

Overhead

1,250
17,600
18,850
January 31, 20XX
Overhead

18,130
720
18,850

875
16,880
17,755
648
18,403

Overhead Total

₱ 34,000.00 ₱ 69,000.00
126,000.00 990,000.00
₱160,000.00 ₱1,059,000.00

₱126,000.00
18,403.00
₱ 6.85

Overhead Total

34,000.00 ₱ 69,000.00
5,990.87 28,448.69
39,990.87 97,448.69
115,572.46 928,891.18
155,563.33 1,026,339.86
4,436.67 32,660.14
₱160,000.00 ₱1,059,000.00
Account Titles Debit

WIP inventory- Assembly ₱ 990,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

WIP inventory- Finishing ₱1,026,339.86


WIP inventory - Assembly
This entry is for the transferred out units to finishing
department.
Credit

₱ 321,000.00
543,000.00
126,000.00

₱1,026,339.86
SOLSA Company
Cost of Production Report - Finishing Dep't
For the Month Ended January 31, 20XX

Units to account for Transferred in Materials

Beginning WIP inventory 250 250


Units started (transferred in) 18,130 18,130
Total units to account for 18,380 18,380

Units accounted for Transferred in Materials

Units transferred out 18,360 18,360


Ending WIP inventory 20 20
Total units accounted for 18,380 18,380

EUP for beginning WIP inventory - -


Units started currently and finished 18,110 18,110
EUP of units transferred out 18,110 18,110
Equivalent units of production for ending WIP 20 20
Equivalent units of production 18,130 18,130
- -

Production costs to account for Transferred in Materials

Beginning WIP inventory ₱ 20,000.00 ₱ 9,000.00


Current costs 1,026,339.86 87,000.00
Total costs to account for ₱ 1,046,339.86 ₱ 96,000.00

Current costs ₱ 1,026,339.86 ₱ 87,000.00


Divide by EUP 18,130.00 18,130.00
Cost per EUP ₱ 56.61 ₱ 4.80

Production costs accounted for Materials Labor

Beginning WIP inventory 20,000.00 9,000.00


Cost of beginning inventory transferred out - -
Cost of finished WIP inventory 20,000.00 9,000.00
Cost of units started and finished currently 1,025,207.66 86,904.03
Cost of units transferred out 1,045,207.66 95,904.03
Cost of ending WIP inventory 1,132.20 95.97
Total costs to account for ₱ 1,046,339.86 ₱ 96,000.00
Date

January 31, 20XX

Labor Overhead

250 250
18,130 18,130
18,380 18,380
January 31, 20XX
Labor Overhead

18,360 18,360
20 20
18,380 18,380

213 150
18,110 18,110
18,323 18,260
6 13
18,329 18,273
- -

Labor Overhead Total

₱ 8,000.00 ₱ 7,000.00 ₱ 44,000.00


76,000.00 650,000.00 1,839,339.86
₱ 84,000.00 ₱ 657,000.00 ₱ 1,883,339.86

₱ 76,000.00 ₱ 650,000.00
18,328.50 18,273.00
₱ 4.15 ₱ 35.57

Overhead Total Total

8,000.00 ₱ 7,000.00 ₱ 44,000.00


881.14 5,335.74 6,216.88
8,881.14 12,335.74 50,216.88
75,093.98 644,201.83 1,831,407.50
83,975.12 656,537.57 1,881,624.38
24.88 462.43 1,715.48
₱ 84,000.00 ₱ 657,000.00 ₱ 1,883,339.86
Account Titles Debit

WIP inventory- Assembly ₱ 813,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

Finished goods inventory ₱ 1,881,624.38


WIP inventory - Finishinig
This entry is for the transferred out units to finishing
department.
Credit

₱ 87,000.00
76,000.00
650,000.00

₱ 1,881,624.38
SOLSA Company
Cost of Production Report - Assembly Dep't
For the Month Ended January 31, 20XX

Units to account for Materials Labor

Beginning WIP inventory 1,250 1,250


Units started in process during the month 17,600 17,600
Total units to account for 18,850 18,850

Units accounted for Materials Labor

Units transferred out 18,130 18,130


Ending WIP inventory 720 720
Total units accounted for 18,850 18,850

Units transferred out 18,130 18,130


Equivalent units of production for ending WIP 720 504
Equivalent units of production 18,850 18,634

Production costs to account for Materials Labor

Beginning WIP inventory ₱ 12,000.00 ₱ 23,000.00


Current costs 321,000.00 543,000.00
Total costs to account for ₱333,000.00 ₱ 566,000.00

Total costs to account for ₱333,000.00 ₱ 566,000.00


Divide by EUP 18,850.00 18,634.00
Cost per EUP ₱ 17.67 ₱ 30.37

Production costs accounted for Materials Labor

Cost of units transferred out ₱320,280.64 ₱ 550,691.21


Cost of ending WIP inventory 12,719.36 15,308.79
Total costs to account for ₱333,000.00 ₱ 566,000.00
Date

January 31, 20XX

Overhead

1,250
17,600
18,850
January 31, 20XX
Overhead

18,130
720
18,850

18,130
648
18,778

Overhead Total

₱ 34,000.00 ₱ 69,000.00
126,000.00 990,000.00
₱160,000.00 ₱1,059,000.00

₱160,000.00
18,778.00
₱ 8.52

Overhead Total

₱154,478.65 ₱1,025,450.49
5,521.35 33,549.51
₱160,000.00 ₱1,059,000.00
Account Titles Debit

WIP inventory- Assembly ₱ 990,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

WIP inventory- Finishing ₱1,025,450.49


WIP inventory - Assembly
This entry is for the transferred out units to finishing
department.
Credit

₱ 321,000.00
543,000.00
126,000.00

₱1,025,450.49
SOLSA Company
Cost of Production Report - Finishing Dep't
For the Month Ended January 31, 20XX

Units to account for Transferred in Materials

Beginning WIP inventory 250 250


Units started (transferred in) 18,130 18,130
Total units to account for 18,380 18,380

Units accounted for Transferred in Materials

Units transferred out 18,360 18,360


Ending WIP inventory 20 20
Total units accounted for 18,380 18,380

EUP for beginning WIP inventory - -


Units started currently and finished 18,110 18,110
EUP of units transferred out 18,110 18,110
Equivalent units of production for ending WIP 20 20
Equivalent units of production 18,130 18,130
- -

Production costs to account for Transferred in Materials

Beginning WIP inventory ₱ 20,000.00 ₱ 9,000.00


Current costs 1,025,450.49 87,000.00
Total costs to account for ₱ 1,045,450.49 ₱ 96,000.00

Current costs ₱ 1,025,450.49 ₱ 87,000.00


Divide by EUP 18,130.00 18,130.00
Cost per EUP ₱ 56.56 ₱ 4.80

Production costs accounted for Materials Labor

Beginning WIP inventory 20,000.00 9,000.00


Cost of beginning inventory transferred out - -
Cost of finished WIP inventory 20,000.00 9,000.00
Cost of units started and finished currently 1,024,319.27 86,904.03
Cost of units transferred out 1,044,319.27 95,904.03
Cost of ending WIP inventory 1,131.22 95.97
Total costs to account for ₱ 1,045,450.49 ₱ 96,000.00
Date

January 31, 20XX

Labor Overhead

250 250
18,130 18,130
18,380 18,380
January 31, 20XX
Labor Overhead

18,360 18,360
20 20
18,380 18,380

213 150
18,110 18,110
18,323 18,260
6 13
18,329 18,273
- -

Labor Overhead Total

₱ 8,000.00 ₱ 7,000.00 ₱ 44,000.00


76,000.00 650,000.00 1,838,450.49
₱ 84,000.00 ₱ 657,000.00 ₱1,882,450.49

₱ 76,000.00 ₱ 650,000.00
18,328.50 18,273.00
₱ 4.15 ₱ 35.57

Overhead Total Total

8,000.00 ₱ 7,000.00 ₱ 44,000.00


881.14 5,335.74 6,216.88
8,881.14 12,335.74 50,216.88
75,093.98 644,201.83 1,830,519.11
83,975.12 656,537.57 1,880,735.99
24.88 462.43 1,714.50
₱ 84,000.00 ₱ 657,000.00 ₱1,882,450.49
Account Titles Debit

WIP inventory- Assembly ₱ 813,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

Finished goods inventory ₱1,880,735.99


WIP inventory - Finishinig
This entry is for the transferred out units to finishing
department.
Credit

₱ 87,000.00
76,000.00
650,000.00

₱1,880,735.99
SOLSA Company
Cost of Production Report - Assembly Dep't
For the Month Ended January 31, 20XX

Units to account for Materials Labor

Beginning WIP inventory 1,250 1,250


Units started in process during the month 17,600 17,600
Total units to account for 18,850 18,850

Units accounted for Materials Labor

Units transferred out 18,130 18,130


Ending WIP inventory 720 720
Total units accounted for 18,850 18,850

Units transferred out 18,130 18,130


Equivalent units of production for ending WIP - 504
Equivalent units of production 18,130 18,634

Production costs to account for Materials Labor

Beginning WIP inventory ₱ 12,000.00 ₱ 23,000.00


Current costs 321,000.00 543,000.00
Total costs to account for ₱333,000.00 ₱ 566,000.00

Total costs to account for ₱333,000.00 ₱ 566,000.00


Divide by EUP 18,130.00 18,634.00
Cost per EUP ₱ 18.37 ₱ 30.37

Production costs accounted for Materials Labor

Cost of units transferred out ₱333,000.00 ₱ 550,691.21


Cost of ending WIP inventory - 15,308.79
Total costs to account for ₱333,000.00 ₱ 566,000.00
Date

January 31, 20XX

Overhead

1,250
17,600
18,850
January 31, 20XX
Overhead

18,130
720
18,850

18,130
648
18,778

Overhead Total

₱ 34,000.00 ₱ 69,000.00
126,000.00 990,000.00
₱160,000.00 ₱1,059,000.00

₱160,000.00
18,778.00
₱ 8.52

Overhead Total

₱154,478.65 ₱1,038,169.85
5,521.35 20,830.15
₱160,000.00 ₱1,059,000.00
Account Titles Debit

WIP inventory- Assembly ₱ 990,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

WIP inventory- Finishing ₱1,038,169.85


WIP inventory - Assembly
This entry is for the transferred out units to finishing
department.
Credit

₱ 321,000.00
543,000.00
126,000.00

₱1,038,169.85
SOLSA Company
Cost of Production Report - Finishing Dep't
For the Month Ended January 31, 20XX

Units to account for Transferred in Materials

Beginning WIP inventory 250 250


Units started (transferred in) 18,130 18,130
Total units to account for 18,380 18,380

Units accounted for Transferred in Materials

Units transferred out 18,360 18,360


Ending WIP inventory 20 20
Total units accounted for 18,380 18,380

Units transferred out 18,360 18,360


Equivalent units of production for ending WIP 20 -
Equivalent units of production 18,380 18,360
- -

Production costs to account for Transferred in Materials

Beginning WIP inventory ₱ 20,000.00 ₱ 9,000.00


Current costs 1,038,169.85 87,000.00
Total costs to account for ₱ 1,058,169.85 ₱ 96,000.00

Total costs to account for ₱ 1,058,169.85 ₱ 96,000.00


Divide by EUP 18,380.00 18,360.00
Cost per EUP ₱ 57.57 ₱ 5.23

Production costs accounted for Transferred in Materials

Cost of units transferred out ₱ 1,057,018.42 ₱ 96,000.00


Cost of ending WIP inventory 1,151.44 -
Total costs to account for ₱ 1,058,169.85 ₱ 96,000.00
- -
Date

January 31, 20XX

Labor Overhead

250 250
18,130 18,130
18,380 18,380
January 31, 20XX
Labor Overhead

18,360 18,360
20 20
18,380 18,380

18,360 18,360
6 13
18,366 18,373
- -

Labor Overhead Total

₱ 8,000.00 ₱ 7,000.00 ₱ 44,000.00


76,000.00 650,000.00 1,851,169.85
₱ 84,000.00 ₱657,000.00 ₱1,895,169.85

₱ 84,000.00 ₱657,000.00
18,366.00 18,373.00
₱ 4.57 ₱ 35.76

Labor Overhead Total

₱ 83,972.56 ₱656,535.13 ₱1,893,526.11


27.44 464.87 1,643.75
₱ 84,000.00 ₱657,000.00 ₱1,895,169.85
- - -
Account Titles Debit

WIP inventory- Assembly ₱ 813,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

Finished goods inventory ₱1,893,526.11


WIP inventory - Finishinig
This entry is for the transferred out units to finishing
department.
Credit

₱ 87,000.00
76,000.00
650,000.00

₱1,893,526.11
SOLSA Company
Cost of Production Report - Assembly Dep't
For the Month Ended January 31, 20XX

Units to account for Materials Labor

Beginning WIP inventory 1,250 1,250


Units started in process during the month 17,600 17,600
Total units to account for 18,850 18,850

Units accounted for Materials Labor

Units transferred out 18,130 18,130


Ending WIP inventory 720 720
Total units accounted for 18,850 18,850

EUP for beginning WIP inventory 1,250 750


Units started currently and finished 16,880 16,880
EUP of units transferred out 18,130 17,630
Equivalent units of production for ending WIP - 504
Equivalent units of production 18,130 18,134

Production costs to account for Materials Labor

Beginning WIP inventory ₱ 12,000.00 ₱ 23,000.00


Current costs 321,000.00 543,000.00
Total costs to account for ₱333,000.00 ₱ 566,000.00

Current costs ₱321,000.00 ₱ 543,000.00


Divide by EUP 18,130.00 18,134.00
Cost per EUP ₱ 17.71 ₱ 29.94

Production costs accounted for Materials Labor

Beginning WIP inventory 12,000.00 23,000.00


Cost of beginning inventory transferred out 22,131.83 22,457.81
Cost of finished WIP inventory 34,131.83 45,457.81
Cost of units started and finished currently 298,868.17 505,450.53
Cost of units transferred out 333,000.00 550,908.35
Cost of ending WIP inventory - 15,091.65
Total costs to account for ₱333,000.00 ₱ 566,000.00
Date

January 31, 20XX

Overhead

1,250
17,600
18,850
January 31, 20XX
Overhead

18,130
720
18,850

875
16,880
17,755
648
18,403

Overhead Total

₱ 34,000.00 ₱ 69,000.00
126,000.00 990,000.00
₱160,000.00 ₱1,059,000.00

₱126,000.00
18,403.00
₱ 6.85

Overhead Total

34,000.00 ₱ 69,000.00
5,990.87 50,580.51
39,990.87 119,580.51
115,572.46 919,891.17
155,563.33 1,039,471.68
4,436.67 19,528.32
₱160,000.00 ₱1,059,000.00
Account Titles Debit

WIP inventory- Assembly ₱ 990,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

WIP inventory- Finishing ₱1,039,471.68


WIP inventory - Assembly
This entry is for the transferred out units to finishing
department.
Credit

₱ 321,000.00
543,000.00
126,000.00

₱1,039,471.68
SOLSA Company
Cost of Production Report - Finishing Dep't
For the Month Ended January 31, 20XX

Units to account for Transferred in Materials

Beginning WIP inventory 250 250


Units started (transferred in) 18,130 18,130
Total units to account for 18,380 18,380

Units accounted for Transferred in Materials

Units transferred out 18,360 18,360


Ending WIP inventory 20 20
Total units accounted for 18,380 18,380

EUP for beginning WIP inventory - 250


Units started currently and finished 18,110 18,110
EUP of units transferred out 18,110 18,360
Equivalent units of production for ending WIP 20 -
Equivalent units of production 18,130 18,360
- -

Production costs to account for Transferred in Materials

Beginning WIP inventory ₱ 20,000.00 ₱ 9,000.00


Current costs 1,039,471.68 87,000.00
Total costs to account for ₱ 1,059,471.68 ₱ 96,000.00

Current costs ₱ 1,039,471.68 ₱ 87,000.00


Divide by EUP 18,130.00 18,360.00
Cost per EUP ₱ 57.33 ₱ 4.74

Production costs accounted for Materials Labor

Beginning WIP inventory 20,000.00 9,000.00


Cost of beginning inventory transferred out - 1,184.64
Cost of finished WIP inventory 20,000.00 10,184.64
Cost of units started and finished currently 1,038,324.99 85,815.36
Cost of units transferred out 1,058,324.99 96,000.00
Cost of ending WIP inventory 1,146.69 -
Total costs to account for ₱ 1,059,471.68 ₱ 96,000.00
Date

January 31, 20XX

Labor Overhead

250 250
18,130 18,130
18,380 18,380
January 31, 20XX
Labor Overhead

18,360 18,360
20 20
18,380 18,380

213 150
18,110 18,110
18,323 18,260
6 13
18,329 18,273
- -

Labor Overhead Total

₱ 8,000.00 ₱ 7,000.00 ₱ 44,000.00


76,000.00 650,000.00 1,852,471.68
₱ 84,000.00 ₱ 657,000.00 ₱1,896,471.68

₱ 76,000.00 ₱ 650,000.00
18,328.50 18,273.00
₱ 4.15 ₱ 35.57

Overhead Total Total

8,000.00 ₱ 7,000.00 ₱ 44,000.00


881.14 5,335.74 7,401.52
8,881.14 12,335.74 51,401.52
75,093.98 644,201.83 1,843,436.16
83,975.12 656,537.57 1,894,837.68
24.88 462.43 1,634.00
₱ 84,000.00 ₱ 657,000.00 ₱1,896,471.68
Account Titles Debit

WIP inventory- Assembly ₱ 813,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

Finished goods inventory ₱1,894,837.68


WIP inventory - Finishinig
This entry is for the transferred out units to finishing
department.
Credit

₱ 87,000.00
76,000.00
650,000.00

₱1,894,837.68
SOLSA Company
Cost of Production Report - Assembly Dep't
For the Month Ended January 31, 20XX

Units to account for Materials Labor

Beginning WIP inventory 1,250 1,250


Units started in process during the month 17,600 17,600
Total units to account for 18,850 18,850

Units accounted for Materials Labor

Units transferred out 18,130 18,130


Ending WIP inventory 720 720
Total units accounted for 18,850 18,850

Units transferred out 18,130 18,130


Equivalent units of production for ending WIP 720 504
Equivalent units of production 18,850 18,634

Production costs to account for Materials Labor

Beginning WIP inventory ₱ 12,000.00 ₱ 23,000.00


Current costs 321,000.00 543,000.00
Total costs to account for ₱333,000.00 ₱ 566,000.00

Total costs to account for ₱333,000.00 ₱ 566,000.00


Divide by EUP 18,850.00 18,634.00
Cost per EUP ₱ 17.67 ₱ 30.37

Production costs accounted for Materials Labor

Cost of units transferred out ₱320,280.64 ₱ 550,691.21


Cost of ending WIP inventory 12,719.36 15,308.79
Total costs to account for ₱333,000.00 ₱ 566,000.00
Date

January 31, 20XX

Overhead

1,250
17,600
18,850
January 31, 20XX
Overhead

18,130
720
18,850

18,130
648
18,778

Overhead Total

₱ 34,000.00 ₱ 69,000.00
126,000.00 990,000.00
₱160,000.00 ₱1,059,000.00

₱160,000.00
18,778.00
₱ 8.52

Overhead Total

₱154,478.65 ₱1,025,450.49
5,521.35 33,549.51
₱160,000.00 ₱1,059,000.00
Account Titles Debit

WIP inventory- Assembly ₱ 990,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

WIP inventory- Finishing ₱1,025,450.49


WIP inventory - Assembly
This entry is for the transferred out units to finishing
department.
Credit

₱ 321,000.00
543,000.00
126,000.00

₱1,025,450.49
SOLSA Company
Cost of Production Report - Finishing Dep't
For the Month Ended January 31, 20XX

Units to account for Transferred in Materials

Beginning WIP inventory 250 250


Units started (transferred in) 18,130 18,130
Total units to account for 18,380 18,380

Units accounted for Transferred in Materials

Units transferred out 18,360 18,360


Ending WIP inventory 20 20
Total units accounted for 18,380 18,380

Units transferred out 18,360 18,360


Equivalent units of production for ending WIP 20 -
Equivalent units of production 18,380 18,360
- -

Production costs to account for Transferred in Materials

Beginning WIP inventory ₱ 20,000.00 ₱ 9,000.00


Current costs 1,025,450.49 87,000.00
Total costs to account for ₱ 1,045,450.49 ₱ 96,000.00

Total costs to account for ₱ 1,045,450.49 ₱ 96,000.00


Divide by EUP 18,380.00 18,360.00
Cost per EUP ₱ 56.88 ₱ 5.23

Production costs accounted for Transferred in Materials

Cost of units transferred out ₱ 1,044,312.90 ₱ 96,000.00


Cost of ending WIP inventory 1,137.60 -
Total costs to account for ₱ 1,045,450.49 ₱ 96,000.00
- -
Date

January 31, 20XX

Labor Overhead

250 250
18,130 18,130
18,380 18,380
January 31, 20XX
Labor Overhead

18,360 18,360
20 20
18,380 18,380

18,360 18,360
6 13
18,366 18,373
- -

Labor Overhead Total

₱ 8,000.00 ₱ 7,000.00 ₱ 44,000.00


76,000.00 650,000.00 1,838,450.49
₱ 84,000.00 ₱657,000.00 ₱1,882,450.49

₱ 84,000.00 ₱657,000.00
18,366.00 18,373.00
₱ 4.57 ₱ 35.76

Labor Overhead Total

₱ 83,972.56 ₱656,535.13 ₱1,880,820.59


27.44 464.87 1,629.90
₱ 84,000.00 ₱657,000.00 ₱1,882,450.49
- - -
Account Titles Debit

WIP inventory- Assembly ₱ 813,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

Finished goods inventory ₱1,880,820.59


WIP inventory - Finishinig
This entry is for the transferred out units to finishing
department.
Credit

₱ 87,000.00
76,000.00
650,000.00

₱1,880,820.59
SOLSA Company
Cost of Production Report - Assembly Dep't
For the Month Ended January 31, 20XX

Units to account for Materials Labor

Beginning WIP inventory 1,250 1,250


Units started in process during the month 17,600 17,600
Total units to account for 18,850 18,850

Units accounted for Materials Labor

Units transferred out 18,130 18,130


Ending WIP inventory 720 720
Total units accounted for 18,850 18,850

EUP for beginning WIP inventory - 750


Units started currently and finished 16,880 16,880
EUP of units transferred out 16,880 17,630
Equivalent units of production for ending WIP 720 504
Equivalent units of production 17,600 18,134

Production costs to account for Materials Labor

Beginning WIP inventory ₱ 12,000.00 ₱ 23,000.00


Current costs 321,000.00 543,000.00
Total costs to account for ₱333,000.00 ₱ 566,000.00

Current costs ₱321,000.00 ₱ 543,000.00


Divide by EUP 17,600.00 18,134.00
Cost per EUP ₱ 18.24 ₱ 29.94

Production costs accounted for Materials Labor

Beginning WIP inventory 12,000.00 23,000.00


Cost of beginning inventory transferred out - 22,457.81
Cost of finished WIP inventory 12,000.00 45,457.81
Cost of units started and finished currently 307,868.18 505,450.53
Cost of units transferred out 319,868.18 550,908.35
Cost of ending WIP inventory 13,131.82 15,091.65
Total costs to account for ₱333,000.00 ₱ 566,000.00
Date

January 31, 20XX

Overhead

1,250
17,600
18,850
January 31, 20XX
Overhead

18,130
720
18,850

875
16,880
17,755
648
18,403

Overhead Total

₱ 34,000.00 ₱ 69,000.00
126,000.00 990,000.00
₱160,000.00 ₱1,059,000.00

₱126,000.00
18,403.00
₱ 6.85

Overhead Total

34,000.00 ₱ 69,000.00
5,990.87 28,448.69
39,990.87 97,448.69
115,572.46 928,891.18
155,563.33 1,026,339.86
4,436.67 32,660.14
₱160,000.00 ₱1,059,000.00
Account Titles Debit

WIP inventory- Assembly ₱ 990,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

WIP inventory- Finishing ₱1,026,339.86


WIP inventory - Assembly
This entry is for the transferred out units to finishing
department.
Credit

₱ 321,000.00
543,000.00
126,000.00

₱1,026,339.86
SOLSA Company
Cost of Production Report - Finishing Dep't
For the Month Ended January 31, 20XX

Units to account for Transferred in Materials

Beginning WIP inventory 250 250


Units started (transferred in) 18,130 18,130
Total units to account for 18,380 18,380

Units accounted for Transferred in Materials

Units transferred out 18,360 18,360


Ending WIP inventory 20 20
Total units accounted for 18,380 18,380

EUP for beginning WIP inventory - 250


Units started currently and finished 18,110 18,110
EUP of units transferred out 18,110 18,360
Equivalent units of production for ending WIP 20 -
Equivalent units of production 18,130 18,360
- -

Production costs to account for Transferred in Materials

Beginning WIP inventory ₱ 20,000.00 ₱ 9,000.00


Current costs 1,026,339.86 87,000.00
Total costs to account for ₱ 1,046,339.86 ₱ 96,000.00

Current costs ₱ 1,026,339.86 ₱ 87,000.00


Divide by EUP 18,130.00 18,360.00
Cost per EUP ₱ 56.61 ₱ 4.74

Production costs accounted for Transferred in Materials

Beginning WIP inventory 20,000.00 9,000.00


Cost of beginning inventory transferred out - 1,184.64
Cost of finished WIP inventory 20,000.00 10,184.64
Cost of units started and finished currently 1,025,207.66 85,815.36
Cost of units transferred out 1,045,207.66 96,000.00
Cost of ending WIP inventory 1,132.20 -
Total costs to account for ₱ 1,046,339.86 ₱ 96,000.00
Date

January 31, 20XX

Labor Overhead

250 250
18,130 18,130
18,380 18,380
January 31, 20XX
Labor Overhead

18,360 18,360
20 20
18,380 18,380

213 150
18,110 18,110
18,323 18,260
6 13
18,329 18,273
- -

Labor Overhead Total

₱ 8,000.00 ₱ 7,000.00 ₱ 44,000.00


76,000.00 650,000.00 1,839,339.86
₱ 84,000.00 ₱ 657,000.00 ₱1,883,339.86

₱ 76,000.00 ₱ 650,000.00
18,328.50 18,273.00
₱ 4.15 ₱ 35.57

Labor Overhead Total

8,000.00 ₱ 7,000.00 ₱ 44,000.00


881.14 5,335.74 7,401.52
8,881.14 12,335.74 51,401.52
75,093.98 644,201.83 1,830,318.83
83,975.12 656,537.57 1,881,720.35
24.88 462.43 1,619.51
₱ 84,000.00 ₱ 657,000.00 ₱1,883,339.86
Account Titles Debit

WIP inventory- Assembly ₱ 813,000.00


Materials inventory
Salaries and wages payable/payroll
Accounts payable/cash
*Acccounts payable/cash refers to overhead costs
This entry is for current costs.

Finished goods inventory ₱1,881,720.35


WIP inventory - Finishinig
This entry is for the transferred out units to finishing
department.
Credit

₱ 87,000.00
76,000.00
650,000.00

₱1,881,720.35

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