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Prepare a production cost report using the FIFO method from the following information and journalize the...

Prepare a production cost report using the FIFO method from the following information and journalize the transfer of costs of goods manufactured to the warehouse. Material is added to the product at the beginning of the process and conversion costs is added when process is half completed.

Units: WIP, Beginning 2,000 units started at 7,000

Material

Conversion Costs

WIP Beginning 2,000

1/3 Completed

5/8 Completed

Started & Finish ?

?

?

WIP ending 3,000

¾ Completed

4/5 Completed

Transferred in

Material

Conversion costs

$1,000

$8,000

$17,000
Business   Accounting   
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Answer #1

summary of physical and equivalent units-

physical units material conversion cost
units to be completed for-
units in the begining WIP inventory 2000
units started during the period 7000
total 9000
units accounted for-
units from begining 2000 1333 750
units started and completed 4000 4000 4000
units in the ending inventory 3000 2250 2400
total 9000 7583 7150

cost s to be accounted for-

material conversion cost
cost incurred 8000 17000
units produced 7583 7150
cost per unit 1.05 2.38
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