please put a step by step solution and explanation COST ACCOUNTING AND CONTROLPROCESS COSTINGPROBLEM IThe following data were taken from the books of Vetto Co. for the month of June 2021Department 1Department 2UnitsStarted25,000Completed & transferred20,00018,000In process, end5,0002,000Stage of completion40%50%CostsMaterialsP 100,000P 54,000Labor66,00038,000Overhead44,00019,000In Department 1, materials are added at the beginning of the process while in Department 2,materials are added at the end of the process.REQUIRED:1. Journal Entries2. Cost of Production Report for Department 1 and 2 for the month of June 20213. Statement of Cost of Goods Manufactured for the month of June 2021.

The question provides us with the data of units and the costs incurred under various elements in…

Answered: 1. Journal Entries 2. Cost of…

1. Journal Entries 2. Cost of Production Report for Department 1 and 2 for the month of June 2021 3. Statement of Cost of Goods Manufactured for the month of June 2021.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 34P: FIFO Method, Single Department Analysis, One Cost Category Refer to the data in Problem 6.33....

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please put a step by step solution and explanation

COST ACCOUNTING AND CONTROL
PROCESS COSTING
PROBLEM I
The following data were taken from the books of Vetto Co. for the month of June 2021
Department 1
Department 2
Units
Started
25,000
Completed & transferred
20,000
18,000
In process, end
5,000
2,000
Stage of completion
40%
50%
Costs
Materials
P 100,000
P 54,000
Labor
66,000
38,000
Overhead
44,000
19,000
In Department 1, materials are added at the beginning of the process while in Department 2,
materials are added at the end of the process.
REQUIRED:
1. Journal Entries
2. Cost of Production Report for Department 1 and 2 for the month of June 2021
3. Statement of Cost of Goods Manufactured for the month of June 2021.

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