Process Costing Worksheet

Accounting: Tools for Business Decision Making

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Process Costing Worksheet (FIFO) Units: Work in process inventory, beginning of period (____% complete as to direct materials, ____% complete as to conversion costs) Units started during the period Total units to account for Units completed and transferred out during the period Units in work in process inventory, end of period (____% complete for direct materials, ____% complete for conversion costs) Total units accounted for Costs: Work in process inventory, beginning of period $ Direct materials added during period Conversion costs added during period Total costs to account for $ Compute the following using the FIFO method in your calculations a) Equivalent units for transferred-in costs, direct materials, and conversion costs. Fill in the non-shaded areas of the table. Equivalent Units Flow of physical units Direct materials Conversion costs Units accounted for: Completed and transferred out during the period From beginning work in process Started and completed during the period
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Unformatted text preview: Ending work in process, Total units accounted for b) Unit costs for direct materials and conversion costs (per equivalent unit). Fill in the non-shaded areas of the table. Direct materials Conversion costs Total Work in Process, beginning of period Costs added during current period Equivalent units Cost per Equivalent unit c) Total cost of units transferred out and cost of units in ending work in process inventory. Fill in the non shaded areas of the table. Direct materials Conversion costs Total Units completed and transferred out: From work in process, beginning of period $ Costs added in period: Direct materials A Conversion costs B Total completed from beginning inventory Units started and completed in the period C D Total costs transferred out $ Work in process, End of period: Direct materials E $ Conversion costs F Total work in process, end of period Total costs accounted for $ Calculations: A B C D E F...
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Process Costing Worksheet - Ending work in process, Total...

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