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V2 - New Image Sports uses a process costing system. 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. For March the company had the following activities: Beginning work-in-process inventory Units placed in production Good units completed 6,000 units, one-third complete 24,000 units 18,000 units 10,000 units, one-half complete $5,000 Ending work-in-process inventory Cost of beginning work-in-process Direct material costs, current Conversion costs, current Required: Prepare a production cost worksheet assuming that spoilage is recognized and the FIFO method is used. $18,000 $13,800

V2 - New Image Sports uses a process costing system. 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. For March the company had the following activities: Beginning work-in-process inventory Units placed in production Good units completed 6,000 units, one-third complete 24,000 units 18,000 units 10,000 units, one-half complete $5,000 Ending work-in-process inventory Cost of beginning work-in-process Direct material costs, current Conversion costs, current Required: Prepare a production cost worksheet assuming that spoilage is recognized and the FIFO method is used. $18,000 $13,800

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 4CMA: A company is using process costing with the first-in, first-out (FIFO) method, and all costs are...
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V2 - New Image Sports uses a process costing system. 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. For March the company had the following activities: Beginning work-in-process inventory Units placed in production Good units completed Ending work-in-process inventory Cost of beginning work-in-process Direct material costs, current Conversion costs, current Required: 6,000 units, one-third complete 24,000 units 18,000 units 10,000 units, one-half complete $5,000 $18,000 $13,800 Prepare a production cost worksheet assuming that spoilage is recognized and the FIFO method is used.
Transcribed Image Text:V2 - New Image Sports uses a process costing system. 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. For March the company had the following activities: Beginning work-in-process inventory Units placed in production Good units completed Ending work-in-process inventory Cost of beginning work-in-process Direct material costs, current Conversion costs, current Required: 6,000 units, one-third complete 24,000 units 18,000 units 10,000 units, one-half complete $5,000 $18,000 $13,800 Prepare a production cost worksheet assuming that spoilage is recognized and the FIFO method is used.
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