Homework answers / question archive / Leslie Company uses an automated process to manufacture its glass products

Leslie Company uses an automated process to manufacture its glass products

Accounting

Share With

---

Leslie Company uses an automated process to manufacture its glass products. For January, the company had the following activities:

 

Beginning work in process inventory

6,000 items, 1/4 complete

Units placed in production

14,000 units

Units completed

17,000 units

Ending work in process inventory

3,000 items, 50% complete

 

 

Cost of beginning work in process

P36,000

Direct material costs, current

 42,000

Conversion costs, current

P68,000

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