MundyHandcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department. This problem focuses on the assembly department. The process-costing system at Mundyhas a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added when the assembly department process is 10% complete. Conversion costs are added evenly during the assembly department's process. Mundyuses the FIFO method of process costing. Consider the following data for the assembly department in April 2014: See Attached

Requirement 1. Summarize total assembly department costs for April 2014,and assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by calculating the physical units and equivalent units. (For amounts with a 0 balance, make sure to enter "0" in the appropriate cell.)

	Equivalent Units
	Physical Units	Direct	Conversion
	(tons)	Materials	Costs
Work in process, beginning	75
Transferred-in during current period	550
To account for
Completed and transferred out during current period:
From beginning work in process	75
Started and completed
Work in process, ending	125
Accounted for
Equivalent units of work done in current period

Now summarize the total costs to account for:

Total Direct Conversion

Production Costs Materials Costs

WIP, beginning _______ _________ ______

Costs added in current pd. _______ _________ ______

Total costs to account for _______ _________ ______

Next calculate cost per equivalent unit for direct materials and conversion costs.

Direct Conversion

Materials Costs

Costs added in current pd. _______ ______

/by equivalent units of work in current pd _______ ______

Cost per equivalent unit _______ ______

Assign total costs to units completed (and transferred out)and to units in ending work in process. Begin by calculating the total from beginning inventory, then calculate the total costs accounted for (for amounts with a 0 balance, make sure to enter 0 in appropriate cell.)

Total Direct Conversion

Production Costs Materials Costs

Completed and transf. out:

Costs add. to beg. WIP in curr. pd ________ _______ ______

Work in process, beginning ________ _______ ______

Total from beginning invent. ________

Started and completed ________ _______ ______

Total costs of units completed

and transferred out ________

Requirement 2:

Begin by completing the table below that summarizes the costs assigned to units completed and those still in process under the weighted-average and FIFO process-costing methods.

Weighted Average FIFO Difference

Costs of units completed and

transferred out ______ _____ ______

Work in process, ending ______ _____ ______

Total costs accounted for ______ _____