Question: Hi tutor experts! Please provide the requirements stated below with clear solutions. Thank you so much tutor! 1.Fee Co. had a production run of 8,000

Hi tutor experts! Please provide the requirements stated below with clear solutions. Thank you so much tutor!

1.Fee Co. had a production run of 8,000 pairs of slacks during the last week of June, at the following cost per pair.

Materials P 50.00

Labor 40.00

Factory overhead (includes 30.00

P7.00 allowance for spoiled work)

Final inspection revealed 600 pairs not meeting quality standards, salable as seconds at P40.00 per pair.

Required:

1. Prepare the journal entries assuming the loss is charged to the production run.

2. Prepare the journal entries assuming the loss is to be charged to all production run.

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