Jbooth Company produces a product that passes through an assembly process and a finishing process. All manufacturing
Question:
Jbooth Company produces a product that passes through an assembly process and a finishing process. All manufacturing costs are added uniformly for both processes. The following information was obtained for the assembly department for March:
a. WIP, March 1, had 48,000 units (60 percent completed) and the following costs:
Direct materials .... $186,256
Direct labor ...... 64,864
Overhead applied .... 34,400
b. During March, 138,400 units were completed and transferred to the finishing department, and the following costs were added to production:
Direct materials ..... $267,880
Direct labor ....... 281,280
Overhead applied .... 117,144
c. On March 31, there were 21,600 partially completed units in process. These units were 70 percent complete.
Required:
Prepare a production report for the assembly department for March using the FIFO method of costing. (Carry the unit cost computation to four decimal places.)
Step by Step Answer:
Cornerstones of Managerial Accounting
ISBN: 978-0324660135
3rd Edition
Authors: Mowen, Hansen, Heitger