Smithers Ltd

question 80

Essay

Smithers Ltd.uses the FIFO method for its production costing.On June 1, it had 35,000 units in beginning work in process that were 60% complete with respect to conversion costs.During the month it completed 80,000 units and on June 30, there were 16,000 units in ending work in process.These units were 35% complete with respect to conversion.Direct materials are added at the beginning of the process and no units are lost during production.The costs associated with the beginning inventory were $83,300 for direct materials and $66,780 for conversion.During the month, Smithers issued $146,400 of direct materials and incurred $206,720 of conversion costs.Required:
Prepare a production cost worksheet using the FIFO method.

---

Definitions:

Genetic Predispositions

Refers to the likelihood of developing certain traits or health conditions based on one's genetic makeup.

Western Cultures

Refers to societies broadly based on the traditions, norms, and values originating in Europe, particularly in countries influenced by Roman and Germanic heritage.

Social Norms

The unwritten rules that dictate the acceptable behavior within a society or group.

Communication Systems

Systems that enable transfer of information between entities to facilitate comprehension and process coordination.