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The following data pertain to operations of Samuel Company for a recent month: A. First processing department: Work in process, beginning: Units in process 40,000 Percent complete with respect to materials 70% Percent complete with respect to conversion 60% Costs in the beginning inventory Materials cost P8,600 Conversion cost P4.800 Units started into production during the month 750,000 Units completed and transferred out during the month ? Costs added to production during the month: Materials cost P223,000 Conversion cost P149,000 Work in process, ending: Units in process 30,000 Percent complete with respect to materials 40% Percent complete with respect to conversion 30% B. Second processing department: Work in process, beginning Units in process 20,000 Percent complete with respect to materials 70% Percent complete with respect to conversion 60% Costs in the beginning inventory: Cost from prior department 10,000 Materials cost P18,600 Conversion cost P14,800 Units transferred in from prior department during the month 760,000 Units completed and transferred out during the month to finished goods inventory ? Costs added to production during the month: Materials cost P220,000 Conversion cost P150,000 Work in process, ending: Units in process 30,000 Percent complete with respect to materials 40% Percent complete with respect to conversion 30% Required: Using FIFO and Average costing compute the following: 1. Equivalent units of production 2. Cost of production report 3. Journal entries 3 The following data pertain to operations of Samuel Company for a recent month: A. First processing department: Work in process, beginning: Units in process 40,000 Percent complete with respect to materials 70% Percent complete with respect to conversion 60% Costs in the beginning inventory Materials cost P8,600 Conversion cost P4.800 Units started into production during the month 750,000 Units completed and transferred out during the month ? Costs added to production during the month: Materials cost P223,000 Conversion cost P149,000 Work in process, ending: Units in process 30,000 Percent complete with respect to materials 40% Percent complete with respect to conversion 30% B. Second processing department: Work in process, beginning Units in process 20,000 Percent complete with respect to materials 70% Percent complete with respect to conversion 60% Costs in the beginning inventory: Cost from prior department 10,000 Materials cost P18,600 Conversion cost P14,800 Units transferred in from prior department during the month 760,000 Units completed and transferred out during the month to finished goods inventory ? Costs added to production during the month: Materials cost P220,000 Conversion cost P150,000 Work in process, ending: Units in process 30,000 Percent complete with respect to materials 40% Percent complete with respect to conversion 30% Required: Using FIFO and Average costing compute the following: 1. Equivalent units of production 2. Cost of production report 3. Journal entries 3