(Answered) Cost accounting exercise new image sports uses a

Accounting

Cost Accounting Exercise

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.

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