Smithers Ltd. uses the FIFO method for its production costing. On June 1, it had 35,000 units in beginning work in process that were 60% complete with respect to conversion costs. During the month it completed 80,000 units and on June 30, there were 16,000 units in ending work in process. These units were 35% complete with respect to conversion. Direct materials are added at the beginning of the process and no units are lost during production. The costs associated with the beginning inventory were $83,300 for direct materials and $66,780 for conversion. During the month, Smithers issued $146,400 of direct materials and incurred $206,720 of conversion costs.
Required:
Prepare a production cost worksheet using the FIFO method.

Question

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The Answer of Smithers Ltd. uses the FIFO method for its production costing. On June 1, it had 35,000 units in beginning work in process that were 60% complete with respect to conversion costs. During the month it completed 80,000 units and on June 30, there were 16,000 units in ending work in process. These units were 35% complete with respect to conversion. Direct materials are added at the beginning of the process and no units are lost during production. The costs associated with the beginning inventory were $83,300 for direct materials and $66,780 for conversion. During the month, Smithers issued $146,400 of direct materials and incurred $206,720 of conversion costs.
Required:
Prepare a production cost worksheet using the FIFO method.