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Cost Accounting Exercise related to Chapter 18:...




Cost Accounting Exercise related to Chapter 18: New Image Sports uses a process-costing system. For March, the company had the following activities: Beginning work-in-process inventory (1/3 complete) 6,000 units Units placed in production 24,000 units Good units completed 18,000 units Ending work-in-process inventory 10,000 units Cost of beginning work in process $ 5,000 Direct material costs, current $18,000 Conversion costs, current $13,800 Direct materials are placed into production at the beginning of the process. All spoilage is normal and is detected at the end of the process. Ending WIP is 50% completed as to conversion. Required: Prepare a production cost worksheet using the FIFO method.


Paper#6136 | Written in 18-Jul-2015

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