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JM Company

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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Meghan Kaye Liwen
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94 views3 pages

JM Company

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.

Uploaded by

Meghan Kaye Liwen
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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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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