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New Image Sports uses a process costing system. Direct materials are placed into production at the ...

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New Image Sports uses a process costing system. Direct materials are placed into production at the ...

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   6,000 units, one-third complete
Units placed in production   24,000 units
Good units completed   18,000 units
Ending work-in-process inventory   10,000 units, one-half complete
Cost of beginning work-in-process   $5,000
Direct material costs, current   $18,000
Conversion costs, current   $13,800

Required:
Prepare a production cost worksheet assuming that spoilage is recognized and the FIFO method is used.

Textbook

Cost Accounting: A Managerial Emphasis, Canadian Edition

Edition: 7^th

Authors: Horngren, Datar, Rajan, Beaubien

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