The document summarizes the cost of goods manufactured for JM Company for July. It shows the factory costs of materials, labor, and overhead for departments 1 and 2, as well as the total. It then calculates the cost of goods manufactured by subtracting the in process inventory at the end of the month.
The second document details the cost of production report for JM Company's department 1 for August. It shows the quantity schedule and work done in units. It also provides a cost analysis with the materials, labor, overhead costs and unit costs. Finally, it accounts for the total costs by tracking the costs transferred to department 2.
The document summarizes the cost of goods manufactured for JM Company for July. It shows the factory costs of materials, labor, and overhead for departments 1 and 2, as well as the total. It then calculates the cost of goods manufactured by subtracting the in process inventory at the end of the month.
The second document details the cost of production report for JM Company's department 1 for August. It shows the quantity schedule and work done in units. It also provides a cost analysis with the materials, labor, overhead costs and unit costs. Finally, it accounts for the total costs by tracking the costs transferred to department 2.
The document summarizes the cost of goods manufactured for JM Company for July. It shows the factory costs of materials, labor, and overhead for departments 1 and 2, as well as the total. It then calculates the cost of goods manufactured by subtracting the in process inventory at the end of the month.
The second document details the cost of production report for JM Company's department 1 for August. It shows the quantity schedule and work done in units. It also provides a cost analysis with the materials, labor, overhead costs and unit costs. Finally, it accounts for the total costs by tracking the costs transferred to department 2.
The document summarizes the cost of goods manufactured for JM Company for July. It shows the factory costs of materials, labor, and overhead for departments 1 and 2, as well as the total. It then calculates the cost of goods manufactured by subtracting the in process inventory at the end of the month.
The second document details the cost of production report for JM Company's department 1 for August. It shows the quantity schedule and work done in units. It also provides a cost analysis with the materials, labor, overhead costs and unit costs. Finally, it accounts for the total costs by tracking the costs transferred to department 2.
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JM Company
Schedule of Cost of Goods Manufactured
For the Month Ended July 31, 200A
Dept 1 Dept 2 Total
In Process, July 1 - - - Add: Factory Cost Materials ₱ 15,000.00 ₱ 12,780.00 ₱ 27,780.00 Labor 10,000.00 8,520.00 18,520.00 Overhead 8,000.00 4,260.00 12,260.00 Total ₱ 33,000.00 ₱ 25,560.00 ₱ 58,560.00 Less: In process July 31 3,300.00 2,340.00 5,640.00 Cost of Goods Manufactured ₱ 29,700.00 ₱ 23,220.00 ₱ 52,920.00 The cost of production reports for JM Company for the month of August is shown as follows:
JM Company Cost of Production Report For the Month Ended August 31, 200A Department 1
Quantity Schedule: Units
In process, August 1 3,000 Started in process 10,000 Total units to be accounted for 13,000
Work Done Equiv.
Accounted for as follows: Actual Prod’n. Finished and Transferred: In process, Aug. 1 3,000 2/3 2,000 Started in Process 9,000 100% 9,000 Work in process, Aug. 31 1,000 75% 750 Units accounted for 13,000 Equivalent Production 11,750
Cost Analysis: Total Cost Unit Cost
Materials ₱ 17,625.00 1.50
Labor 10,575.00 0.90 Overhead 8,225.00 0.70 Total factory Cost ₱36,425.00 ₱ 3.10 Add: In process, Aug. 1 3,300.00 Total cost to be accounted for 39,725.00₱
Accounted for Units Total Cost
Finished and Transferred: 12,000 In process, Aug. 1 3,000 Cost last month ₱ 3,300.00 Cost this month (3000ux2/3xP3.10) 6,200.00 ₱ Started in process @P3.10 9,000 27,900.00 Total cost transferred to Dept2 P6.02772 ₱37,400.00 In process, Aug. 31 1,000 2,325.00 ₱ Total cost as accounted for 39,725.00 In the solution above, it is noted that the Units Finished and Transferred which, came from the units In process, July 1 have two sources of costs: cost last month and cost added this month.
