Zee manufacturing company produces a single product which goes through one process only. The
manufacturing cycle takes a month. The company started its manufacturing operation on January 1,2021
and costs of production for this month were as follows:
Material ₱ 41,412;
Labor ₱ 32,054;
FOH ₱ 23,870
The production statistics for the month were as follow:
Units completed and transfer to finished goods store 6,500
Unit in Process on January 31,2021 was 1,600 (Material 40%, Labor and FOH 20 per cent)
Requirement: Prepare the Cost of Production Report at the end of January 2021.