Question
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 112,000 units made up of the following:
Amount | Degree of Completion | |||||
Prior department costs transferred in from the Molding Department | $ | 157,920 | 100 | % | ||
Costs added by the Assembling Department | ||||||
Direct materials | $ | 89,600 | 100 | % | ||
Direct labor | 36,744 | 60 | % | |||
Manufacturing overhead | 28,416 | 50 | % | |||
$ | 154,760 | |||||
Work in process, April 1 | $ | 312,680 | ||||
During April, 512,000 units were transferred in from the Molding Department at a cost of $721,920. The Assembling Department added the following costs:
Direct materials | $ | 375,680 | |
Direct labor | 187,416 | ||
Manufacturing overhead | 145,464 | ||
Total costs added | $ | 708,560 | |
Assembling finished 412,000 units and transferred them to the Packaging Department.
At April 30, 212,000 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 | 80 | % |
Direct labor | 70 | |
Manufacturing overhead | 40 | |
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 Flow of Production Units Compute Equivalent Units
Physical units | Prior Department Costs | Materials | Labor | Manufacturing Overhead | |
---|---|---|---|---|---|
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
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 | $ | $ | $ | $ | $ |
Cost per equivalent unit | |||||
Prior department costs | ?? | ||||
Materials | ?? | ||||
Labor | ?? | ||||
Manufacturing overhead | ?? |
DETAILS
Total Costs | 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 | $$ | ||||
Current costs of units started and completed | |||||
Prior department costs | ?? | ?? | |||
Materials | ?? | ?? | |||
Labor | ?? | ?? | |||
Manufacturing overhead | ?? | ?? | |||
total costs of units started and completed | $$ | ||||
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 | $$ | $$ | $$ | $$ | $$ |
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