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cost accounting question 25 Kansas Supplies is a manufacturer of plastic parts that uses the weighted average process costing method to account for costs of
cost accounting question 25
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 107.000 units made up of the following 20 Degree of Completion 100% 1 BOX Amount Prior department costs transferred in from the Holding Department $145 520 Costs added by the Assembling Department Direct materials $ 96,300 Direct labor 36,169 Manufacturing overhead 19,012 $151,481 Work in process, April 1 $297,001 sek During April, 507000 units were transferred in from the Molding Department at a cost of $689,520. The Assembling Department added the following costs. Direct materiais Direct labor Manufacturing overhead Total costs added $437,670 164,241 74,000 5676,719 Assembling finished 407000 units and transferred them to the Packaging Department. Al April 30, 207000 units were still in work in process inventory. The degree of completion of work in process Inventory at April 30 was follows. Seved Manufacturing overhead Total costs added 74,808 $676,719 Assembling finished 407,000 units and transferred them to the Packaging Department. At April 30, 207,000 units were still in work-in-process inventory. The degree of completion of work in process inventory at April 30 was as follows Direct materials Direct labor Manufacturing overhead 90% BE 30 Labor Required: o. Prepare a production cost report using FIFO (Round "Cost per equivalent unit" to 2 decimal places.) KANSAS SUPPLIES Assembling Department Production Cost Report--FIFO Prior Physical Units Total Costs Department Materials Costs Flow of Production Units Units to be accounted for Beginning WIP inventory Units started this period Total units to be accounted for Units accounted for Units completed and transferred out Manufacturing Overhead Saved Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Prior department costs Materials Labor Manufacturing overhead Costs accounted for Costs assigned to units transferred out Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Prior department costs Materials Labor Manufacturing overhead Total costs from beginning inventory Current costs of units started and completed Prior department costs Materials Labor Manufacturing overhead Total costs of units started and completed meducation.com/ext/map/index.html?con conexternal_browserBlaunchuraht.253A%252F9.252Fnewconnecteducation.com/actition groZA Help Save & Edt su Costs assigned to units transferred out Cost from beginning WIP inventory Current costs added to complete beginning WIP inventory Prior department costs Materials Labor Manufacturing overhead Total costs from beginning inventory Current costs of units started and completed Price department costs Materials Labor Marsufacturing overhead Total costs of units started and completed Total costs of units transferred out Costs assigned to ending WIP inventory Prior department costs Materials Labor Manufacturing overtid Total ending WIP inventory Total costs accounted for Step by Step Solution
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