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    JM Company

    Uploaded by

    Meghan Kaye Liwen
    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

    Uploaded by

    Meghan Kaye Liwen
    75 views3 pages
    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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    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.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    75 views3 pages

    JM Company

    Uploaded by

    Meghan Kaye Liwen
    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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    © All Rights Reserved
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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.

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