Question: Prepare a production cost report using FIFO method from the following information and journalize the transfer of cost of goods manufactured to the warehouse. Material

Prepare a production cost report using FIFO method from the following information and journalize the transfer of cost of goods manufactured to the warehouse. Material is added to the product at the beginning of the process and conversion costs are added when process is half completed. Normal spoilage occurred during the period and consisted of 200 units (material, labor, and overhead) and 300 units were considered abnormal spoilage. In

Units: WIP beginning 2,000 Units Stated 7,000

	Material	Labor	Overhead
Units Finished
WIP Beginning 2,000	1/3 completed	5/8 completed	4/5 completed
Normal Spoilage 200
Abnormal Spoilage 300	2/3	2/3	2/3
Started & Finish	?	?	?
WIP Ending 3,000	Completed	4/5 Completed	100% completed

	Transferred in	Material	Labor	Overhead
Costs	1,000	8,000	17,000	25,000

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