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Prepare a production cost worksheet using the fifo method

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Question - Surf Products Company uses an automated process to clean and polish its souvenir items. For March, the company had the following activities:

Beginning work in process inventory 3,000 items, 1/3 complete

Units placed in production 12,000 units

Units completed 9,000 units

Ending work in process inventory 6,000 items, 1/2 complete

Cost of beginning work in process $2,500

Direct material costs, current $9,000

Conversion costs, current $7,700

Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process.

Required: Prepare a production cost worksheet using the FIFO method?

Reference no: EM131777666

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