Hello. PLEASE complete all the blanks and set it up just like this review problem. We need FIFO AND WEIGHTED AVERAGE METHOD.
Required: a. Prepare a production cost report using the weighted average method. (Round "Cost per equivalent unit" to 2 decimal places.) Required: a. Prepare a production cost report using the weighted average method. (Round "Cost per equivalent unit" to 2 decimal places.) KANSAS SUPPLIES Assembling Department Production Cost Report-FIFO Prior Physical Units Costs Department Materials Costs Total Labor Manufacturing Overhead 75,000 375,000 450,000 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: From beginning inventory Started and completed currently Units in ending WIP inventory Total units accounted for 1000 Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for $ 0 $ 0 $ 0 $ 0 $ Cost per equivalent unit: Prior department costs Materials Labor Manufacturing overhead | $ 0 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 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 $ $ 0 0 0 5 0 $ 0 $ 0 $ 0 $ 0 Problem 8-54 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-4,5) 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. Degree of Amount Completion $192,000 100% Prior department costs transferred in from the Molding Department Costs added by the Assembling Department Direct materials Direct labor Manufacturing overhead $120,000 43,200 27,600 $190,800 $382,800 100% 60% 50% Work in process, April 1 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. Direct materials $576,000 Direct labor 216,000 Manufacturing 113,400 overhead Total costs added $905,400 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. 90% 70 Direct materials Direct labor Manufacturing overhead 35 Required
