Ahmad Company uses an automated process to clean and polish its souvenir items. For May,2021, the...
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Ahmad Company uses an automated process to clean and polish its souvenir items. For May,2021, the company had the following activities: Production Data Beginning work in process inventory (BWIP) Units placed in production (Added New Units) Completed & transferred Units Ending work in process inventory (EWIP) Cost Data Cost of beginning work in process Material Conversion Direct material costs, current Conversion costs, current 3,000, 1/3 complete 12,000 units 9,000 units ? 1/2 complete 15.00 2000 $9,000 $22,000 Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. Required: 1. Prepare a production cost worksheet using the WA method. 2. Prepare journal entries to record transferring of materials to processing and from processing to finished goods. Ahmad Company uses an automated process to clean and polish its souvenir items. For May,2021, the company had the following activities: Production Data Beginning work in process inventory (BWIP) Units placed in production (Added New Units) Completed & transferred Units Ending work in process inventory (EWIP) Cost Data Cost of beginning work in process Material Conversion Direct material costs, current Conversion costs, current 3,000, 1/3 complete 12,000 units 9,000 units ? 1/2 complete 15.00 2000 $9,000 $22,000 Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. Required: 1. Prepare a production cost worksheet using the WA method. 2. Prepare journal entries to record transferring of materials to processing and from processing to finished goods.
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