Refer to the facts in Problem 8-48.

Required
a. Prepare a production cost report using FIFO.
b. Answer requirement (b) in Problem 8-48.

Data From Problem 8-48:

Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April.

Work in process on April 1 had 75,000 units made up of the following:

                                  

During April, 375,000 units were transferred in from the Molding Department at a cost of $960,000. The Assembling Department added the following costs:

                                  

Assembling finished 300,000 units and transferred them to the Packaging Department.
At April 30, 150,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at April 30 was as follows:

                                   

Requirement b From Problem 8-48:

Management would like to decrease the costs of manufacturing the parts. In particular, it has set the following per unit targets for this product in the Assembling Department: Materials, $1.60; labor, $0.80; and manufacturing overhead, $0.36. Has the product achieved management’s cost targets in the Assembling Department? Write a short report to management stating your answer(s).