The Laramie Factory produces expensive boots. It has two departments, tanning and finishing departments, that process all the items. During January, the beginning work in process in the tanning department was 40% complete as to conversion and 100% complete as to direct materials. The beginning inventory included $6,000 for materials and $18,000 for conversion costs. Ending work-in-process inventory in the tanning department was 40% complete. Direct materials are added at the beginning of the process. Beginning work in process in the finishing department was 60% complete as to conversion. Beginning inventories included $7,000 for transferred-in costs and $11,000 for conversion costs. Ending inventory was 30% complete. Additional information about the two departments follows: Tanning Finishing Beginning work-in-process units 5,000 4,000 Units started this period 14,000 Units transferred out this period 16,000 18,000 Ending work-in-process units 2,000 Material costs added $18,000 Conversion costs $32,000 $18,630 Transferred-out cost $50,400 Required: Complete the production cost worksheet below using FIFO costing for the finishing department.
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The Laramie Factory produces expensive boots. It has two departments, tanning and finishing departme...
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