Douglas Toys is a manufacturer that uses FIFO costing method to account for costs of production. It produces a plastic toy in three separate departments: Molding, Assembling, and Finishing. The following information was obtained for the Assembling Department for the month of September.
a ) Prepare a production cost report using FIFO. ( Round your answer to 2 decimal places . ) DOUGLAS TOY'S Assembling Department Production Cost Report - FIFO Flow of Production Units COMPUTE EQUIVALENT UNITS Physical Units \\Prior Department\\ Lasts Materials Labor Manufacturing ON 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 ." From beginning inventory* Started and completed currently Units in ending WIP inventory* Total units accounted for Costs DETAILS Prior Total Costs \\Department \\Materials Labor Manufacturing COSTS Overhead Costs to be accounted for .` Costs in beginning WIP inventory* Current period costs $ 10 Total costs to be accounted Cost per Equivalent unit ." Prior department costs Materials Labor Manufacturing overheadCosts 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 Tot-1| 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 Total costs of units transferred out Costs assigned to ending WIP inventory: Prior department costs Materials Labor Manufacturing overhead Total ending WIP inventory Total costs amounted for Douglas Toys is a manufacturer that uses FIFO costing method to account for costs of production. It produces a plastic toy in three separate departments: Molding, Assembling, and Finishing. The following information was obtained for the Assembling Department for the month of September. Work in process on September 1 had 119,000 units made up ofthe following: Degree of Amount Completion Prior department costs transferred in from the Molding Department $ 1?5, 120 100% Costs added by the Assembling Department Direct materials $101,150 100% Direct labor 45318 60% Manufacturing overhead 19,346 50% $166,214 Work in process, September 1 S 342,334 During September, 519,000 units were transferred in from the Molding Department at a cost of $63,120. The Assembling Department added the following costs: Direct materials $ 403,920 Direct labor 240,432 Manufacturing overhead 10?,304 Total costs added $ 751.656 Assembling nished 419,000 units and transferred them to the Finishing Department. At September 30, 219,000 units were still l|"| work-in-process inventory. The degree of completion of workin-process inventory at September 30 was as follows: Direct materials 80% Direct labor 3'0 Manufacturing overhead 40
