Following are production data for a process costing system.

Beginning work in process, 30% complete 12,000 units

Started 90,000 units

Ending work in process, 70% complete 8,000 units

Costs:

Beginning work in process:

Direct Materials $ 28,800

Conversion costs 5,220

Materials used during the period 216,000

Conversion costs incurred during the period 139,200

a. Using the FIFO basis, prepare a process costing report.

b. Write out the journal entries for the costs incurred and the work performed this period under the FIFO method.

Q 4Explain the differences between the weighted average and FIFO process costing methods.