Question
Please help me solve this problem. How do I prepare a production cost worksheet using FIFO method uses an automated process to clean and polish
Please help me solve this problem. How do I prepare a production cost worksheet using FIFO method
uses an automated process to clean and polish its souvenir items. For March, the company had the following activities: Beginning work in process inventory Units placed in production Units completed Ending work in process inventory Cost of beginning work in process Direct material costs, current Conversion costs, current 3,000 items, 1/3 converted 12,000 units 9,000 units 6,000 items, 1/2 converted $2,500 (Direct Materials $1,000, Conversion costs $1,500) $18,000 $15,400 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.
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