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Prepare a production cost

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Question - New Image Sports uses a process-costing system. For March, the company had the following activities:

Beginning work-in-process inventory (1/3 complete) 6,000 units

Units placed in production 24,000 units

Good units completed 18,000 units

Ending work-in-process inventory 10,000 units

Cost of beginning work in process $ 5,000

Direct material costs, current $18,000

Conversion costs, current $13,800

Direct materials are placed into production at the beginning of the process. All spoilage is normal and is detected at the end of the process. Ending WIP is 50% completed as to conversion.

Required:

A. Prepare a production cost worksheet using the FIFO method.

B. What is the meaning of the term "cost object"? Give an example of a cost object that would be used in a manufacturing company, a merchandising company, and a service sector company? You must support your discussion by relevant readings and examples.

Reference no: EM131815686

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