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

Prepare a production cost report using the FIFO method from the following information and journalize the transfer of costs of goods manufactured to the warehouse. Material is added to the product at the beginning of the process and conversion costs is added when process is half completed.

Units: WIP, Beginning 2,000 units started at 7,000

	Material	Conversion Costs
WIP Beginning 2,000	1/3 Completed	5/8 Completed
Started & Finish ?	?	?
WIP ending 3,000	Completed	4/5 Completed
Transferred in	Material	Conversion costs
$1,000	$8,000	$17,000

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