Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

first chart is right except labor from beginning inventory. all of the numbers under cost per equivalent unit are incorrect except prior department costs. please

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
first chart is right except labor from beginning inventory. all of the numbers under cost per equivalent unit are incorrect except prior department costs. please help!
incorrect information below image text in transcribed
Kansas Supples 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 108,000 units made up of the following Degree of Completion 1 009 1009 Amount Prir department costs Transferred in from the Malang Department $ 147,960 Costs added by the Assembling Department Direct materials S97 200 Direct labor 35 696 Manufacturing overhead $ 156,140 Work in process, April 1 5303.100 Oung April, 508,000 unts were transferred in from the Molding Department at a cost of 5695,960. The Assembling Department added the following costs Direct materials Manufacturing overhead Total cost added 5619760 185.744 100556 $706060 Assembling finished 408.000 units and wansferred them to the Padang Besarent At Apr 30. 208000 unts were still work in process inventory The degree of completion of work process inventory at Aont 30 was as follows Manufacturing overhead Required: 3. Prepare a production cost reporta ro Round Cost per equivalent unto 2 decimal places Required: a. Prepare a production cost report using FIFO. (Round "Cost per equivalent unit to 2 decimal places.) KANSAS SUPPLIES Assembling Department Production Cost Report-FIFO COMPUTE EQUIVALENT UNITS Flow of Production Units Physical Units Prior Department Costs Materials Labor Manufacturingov 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 100.000 508 000 616,000 54 000 From beginning inventory Started and completed currently Unitsin ending WIP Inventory Total units accounted for 108.000 300.000 208.000 616.000 300.000 208.000 508,000 01 300.000 166.400 466,400 3 24001 300.000 145.600 478 000 300.000 83200 37200 4 Costs DETAILS Prior Total Costs Department Costs 15 Labor Manufact Materials Labor Manufacturing Overhead $ Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted 5 303,100 1,402,020 $ 1,705,120 147,960 695,960| 843,920 $ 97,200 419,760 $ 516,960 $ 35,696 $ 185,7447 $ 221,440 $ 22,244 100,556 122,800 $ Cost per equivalent unit: Prior department costs Materials Labor Manufacturing overhead ol $ 0.36 s 0.28 DETAILS Prior Department Materials Costs Total Costs 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 / / // X /// / Y Labor IIIIIIIII 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 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 accounted for OS 0S 0S 0S Units completed and transferred out: From beginning inventory Started and completed currently Units in ending WIP inventory Total units accounted for 108,000 300,000 208,000 616,000 0 300,000 208,000 508,000 0 300,000 166,400 466,400 32,400 X 300,000 145,600 478,000 54,000 300,000 83,200 437,200 % Answer is complete but not entirely correct. Costs DETAILS Prior Total Materials Labor Department Costs Manufacturing Overhead Costs $ $ Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted $ 303,100 1,402.020 147,960 695,960 843.920 $ 97,200 $ 35696 419.760185744 $ 516,960 021440S 22.244 100.556 122,800 S 1.705,120 137 Cost per equivalent unit: Prior department costs Materials Labor Manufacturing overhead 1.10 X $ 0.36 % 0.28

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Managerial Accounting For Undergraduates

Authors: James Wallace, Scott Hobson, Theodore Christensen

2nd Edition

1618533096, 9781618533098

More Books

Students also viewed these Accounting questions

Question

List the four steps in the model for giving praise.

Answered: 1 week ago

Question

List the criteria for setting objectives.

Answered: 1 week ago

Question

Describe four content motivation theories.

Answered: 1 week ago