Loanstar had 100 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $2,000 in materials and $6,000 in conversion costs before $7,000 of materials and $8,850 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 30% complete with regard to conversion costs.

Use the above information to complete a production cost report. Enter all amount as positive values.

Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department. If an amount box does not require an entry, leave it blank.

	Finished Goods Inventory	fill in the blank	fill in the blank
	Work in Process	fill in the blank	fill in the blank

Production Cost Report Work in process completion percent 100% 30% Material Units Conversion Units Total Units Completed and transferred out Ending work in process Total units to account for Costs to account for Materials Conversion Total Beginning work in process $ $ $ Incurred during the period Total costs to account for $ $ $ Equivalent units Cost per equivalent unit for department $ Transferred-out costs $ End work in process: materials $ End work in process: conversion End work in process: total Total costs accounted for $