Please helps with the following problems.
Month of Dec
Units of completion Costs
Beginning wip inventory, Dec 20,000
direct materials 80% 200,000
conversion costs 90% 450,000
Units started in Dec 50,000
Costs incurred in Dec
direct materials 270,000
conversion costs 360,000
Ending wip inventory 25,000
direct materials 30%
conversion costs 40%
Q1. Prepare a production cost report for Dec
Q2. Prepare the journal entry to recognize the transfer of the units completed to finished goods inventory during Dec.