Question 1 Jordana Woolens is a manufacturer of wool cloth. The information for March is as follows: Beginning work in process 10,000 units Units started 20,000 units Units completed 25,0

Question 1

Jordana Woolens is a manufacturer of wool cloth. The information for 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 half converted as to labor and overhead. Direct materials are added at the beginning of the process. All conversion costs are incurred evenly throughout the process. Ending work in process was 60% complete.

Required:

Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.

Question 2

Surf Products Company uses an automated process to clean and polish its souvenir items. For March, the company had the following activities:

Beginning work in process inventory 3,000 items, 1/3 complete

Units placed in production 12,000 units

Units completed 9,000 units

Ending work in process inventory 6,000 items, 1/2 complete

Cost of beginning work in process $2,500

Direct material costs, current $9,000

Conversion costs, current $7,700

Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process.

Required:

Prepare a production cost worksheet using the FIFO method.

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Question 1
Jordana Woolens is a manufacturer of wool cloth. The information for 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 half converted as to labor and overhead. Direct materials are
added at the beginning of the process. All conversion costs are incurred evenly throughout the
process. Ending work in process was 60% complete.
Required
:
Prepare a production cost worksheet using the weighted-average method. Include any
necessary supporting schedules.

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Question 2
Surf Products Company uses an automated process to clean and polish its souvenir items. For
March, the company had the following activities:
Beginning work in process inventory 3,000 items, 1/3 complete
Units placed in production
12,000 units
Units completed
9,000 units
Ending work in process inventory
6,000 items, 1/2 complete
Cost of beginning work in process
$2,500
Direct material costs, current
$9,000
Conversion costs, current
$7,700
Direct materials are placed into production at the beginning of the process and conversion
costs are incurred evenly throughout the process.
Required
:
Prepare a production cost worksheet using the FIFO method.

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