Pet Products Company Uses an Automated Process to Manufacture Its

question 86

Essay

Pet Products Company uses an automated process to manufacture its pet replica products.For June,the company had the following activities:
$$\begin{array} { | l | l | } \hline \text { Beginning work in process inventory } & 4,500 \text { items, } 1 / 4 \text { complete } \\\hline \text { Units placed in production } & 15,000 \text { units } \\\hline \text { Units completed } & 17,500 \text { units } \\\hline \text { Ending work in process inventory } & 2,000 \text { items, } 3 / 4 \text { complete } \\\hline & \\\hline \text { Cost of beginning work in process } & \$ 5,250 \\\hline \text { Direct material costs, current } & \$ 16,500 \\\hline \text { Conversion costs, current } & \$ 23,945 \\\hline\end{array}$$ 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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Definitions:

Issue Price

The price at which new securities are offered to the public by the issuer.

Simple Interest

Interest calculated only on the initial principal of a loan or deposit, without compounding.

Annually

Refers to something that happens once every year.

Simple Interest

Interest figured solely on the initial sum, excluding any compounded amounts.