Jordana Woolens is a manufacturer of wool cloth. The information for March is as follows: Beginning work...
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Jordana Woolens is a manufacturer of wool cloth. The informationfor March is as follows:
Beginning work in process 10,000 units Units started 20,000 units Units completed 25,000 units ? ? Beginning work-in-process direct materials $ 6,000 Beginning work-in-process conversion $ 2,600 Direct materials added during month $30,000 Direct manufacturing labor during month $12,000 Factory overhead $ 5,000
Beginning work in process was 50% complete for conversion costand 100% complete for DM. All conversion costs are incurred evenlythroughout the process. Ending work in process was 60% complete forConversion cost and 100% complete for DM.
Required: Prepare a production cost worksheet using the FIFOmethod.
Jordana Woolens is a manufacturer of wool cloth. The informationfor March is as follows:
| Beginning work in process | 10,000 units |
| Units started | 20,000 units |
| Units completed | 25,000 units |
| ? | ? |
| Beginning work-in-process direct materials | $ 6,000 |
| Beginning work-in-process conversion | $ 2,600 |
| Direct materials added during month | $30,000 |
| Direct manufacturing labor during month | $12,000 |
| Factory overhead | $ 5,000 |
Beginning work in process was 50% complete for conversion costand 100% complete for DM. All conversion costs are incurred evenlythroughout the process. Ending work in process was 60% complete forConversion cost and 100% complete for DM.
Required: Prepare a production cost worksheet using the FIFOmethod.
Answer & Explanation Solved by verified expert
4.2 Ratings (502 Votes)
My format of answer maybe diferent than what you have Solution Cost report Including Reconciliation Cost of Units Transferred 2500000 units Equivalent Units Step 2 Cost per Equivalent Units Step 3 Cost of Units Transferred TOTAL A From Beginning WIP Material 150 0 Conversion 5000 074 3696 3696 B From units started completed Material 15000 150 22500 Conversion
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