Production Cost Report
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Month of Dec
Units of completion Costs
Beginning wip inventory, Dec 20,000
direct materials 80% 200,000
conversion costs 90% 450,000
Units started in Dec 50,000
Costs incurred in Dec
direct materials 270,000
conversion costs 360,000
Ending wip inventory 25,000
direct materials 30%
conversion costs 40%
a. Prepare a production cost report for Dec
b. Prepare the journal entry to recognize the transfer of the units completed to finished goods inventory during Dec.
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Solution Summary
The following solution explains how to prepare a production cost report. The explanation is given in a Excel spreadsheet.
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