Question 68 Part 1 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 Units placed in production Ending work in process inventory Cost of beginning work in process Direct material costs, current Conversion costs, current 3,000 items 12,000 items 6,000 items, 100% materials completed, 50% conversion cost completed Direct materials - $2,500 Conversion cost- $1,500 $9,000 $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 weighted-average and FIFO methods. Part 2 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 Units placed in production 3,000 items, 1/3 complete 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 $9,000 $7,700 Direct material costs, current Conversion costs, current 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 weighted-average and FIFO methods.