Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 111,000 units made up of the following:

Amount Degree of Completion
Prior department costs transferred in from the Molding Department $ 155,400 100 %
Costs added by the Assembling Department
Direct materials $ 99,900 100 %
Direct labor 45,007 70 %
Manufacturing overhead 25,026 50 %
$ 169,933
Work in process, April 1 $ 325,333

During April, 511,000 units were transferred in from the Molding Department at a cost of $715,400. The Assembling Department added the following costs:

Direct materials $ 440,910
Direct labor 215,903
Manufacturing overhead 117,264
Total costs added $ 774,077

Assembling finished 411,000 units and transferred them to the Packaging Department.

At April 30, 211,000 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 90 %
Direct labor 80
Manufacturing overhead 30

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 ReportWeighted-Average
Flow of Production Units
Physical units
Units to be accounted for:
Beginning WIP inventory
Units started this period
Total units to be accounted for

COMPUTE EQUIVALENT UNITS
Prior Department Costs Materials Labor Manufacturing Overhead
Units accounted for:
Units completed and transferred out:
From beginning inventory
Started and completed currently
Total transferred out
Units in ending WIP inventory
Total units accounted for

DETAILS
Total Costs Prior Department Costs Materials Labor Manufacturing Overhead
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:
Prior department costs
Materials
Labor
Manufacturing overhead
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

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

Financial Accounting For Decision Makers

Authors: Dr Peter Atrill, Eddie Mclaney, Sin Autor

5th Edition

1405888210, 9781405888219

More Books

Students also viewed these Accounting questions

Question

What do you like most about the organization?

Answered: 1 week ago

Question

2. What abilities are possible because humans use symbols?

Answered: 1 week ago

Question

1. How are language and thought related?

Answered: 1 week ago

Question

4. How do rules guide verbal communication?

Answered: 1 week ago