Pet Products Company uses an automated process to manufacture its pet replica products. For June, the company had the following activities: Beginning work in process inventory 4,500 items, 1/4 complete with regards to conversion costs Units placed in production 15,000 units Units completed 17,500 units Ending work in process inventory 2,000 items, 3/4 complete with regards to conversion costs Cost of beginning work in process $5,250 Direct material costs, current $16,500 Conversion costs, current $23,945 Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. Prepare a production cost worksheet using the FIFO method
Pet Products Company uses an automated process to manufacture its pet replica products. For June, the company had the following activities:
|
Beginning work in process inventory |
4,500 items, 1/4 complete with regards to conversion costs |
|
Units placed in production |
15,000 units |
|
Units completed |
17,500 units |
|
Ending work in process inventory |
2,000 items, 3/4 complete with regards to conversion costs |
|
|
|
|
Cost of beginning work in process |
$5,250 |
|
Direct material costs, current |
$16,500 |
|
Conversion costs, current |
$23,945 |
Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process.
Prepare a production cost worksheet using the FIFO method
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