Comprehensive IllustrationAssuming three elements of manufacturing costs: materials, labor and overhead incurred and charged to Work in Process - Cutting Department for the month of January 2021 are...

Comprehensive Illustration Assuming three elements of manufacturing costs: materials, labor and overhead incurred and charged to Work in Process - Cutting Department for the month of January 2021 are presented below: Materials P77,280.00 Labor 95,616.00 Overhead 156,632.00 Equivalent production (Measure of the work done during the month, express in fully completed units) Quantity Started in Process – Current Month 12,880 Transferred out to next Department 9,120 Work In Process, Ending 3,760 Stage Of Completion Materials 100% Labor 40% Overhead 55% REQUIREMENTS: Compute the following 1. Equivalent Units of Production Per Department · Cutting Department 2. Cost of Production 3. Prepare Journal Entries to Record Cost Incurred 4. Department’s WIP Balance on January 31, 2021