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How do prepare cost of production report

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Reference no: EM132749953

Krug Corp. makes tables. Inspection/rejection of tables occur at the 80% point of manufacturing. The company uses FIFO costing. Normal spoilage is considered to be 5% of finished goods. The following information is available:

                                                                         Physical Units       Materials                                  Conversion
Work-in-process inventory - beginning             1,200                   $1,000                                $800
Started                                                         10,000                  12,000                           32,000         
Finished 9,500
Work-in-process inventory - end 1,000
Degree of completion
Beginning inventory :                                                                   80% materials,            60% conversion
Ending inventory:                                                                    40% materials,                   70% conversion

Required:

Problem 1: Prepare cost of production report.

Reference no: EM132749953

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