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    Production Cost Report

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    Please helps with the following problems.

    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.