Prepare a production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.
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 116,000 units made up of the following. Degree of Amount Completion Prior department costs transferred in from the Molding Department $168,200 Costs added by the Assembling Department Direct materials $ 92,800 Direct labor 44,752 Manufacturing overhead 29,188 $166, 740 Work in process, April 1 $334,940 100% 100% 60% 50% During April, 516,000 units were transferred in from the Molding Department at a cost of $748,200. The Assembling Department added the following costs. Direct materials Direct labor Manufacturing overhead Total costs added $378,240 238,848 146,652 $763, 740 Assembling finished 416,000 units and transferred them to the Packaging Department At April 30, 216,000 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 Direct labor Manufacturing overhead 80% 70 40 Drad. KANSAS SUPPLIES Assembling Department Production Cost Report-FIFO Prior Physical Units Total Costs Department Materials Costs Labor Manufacturing Overhead 116,000 516,000 632.000 Flow of Production Units Units to be accounted for Beginning WP 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 WP inventory Total units accounted for 116.000 300,000 418.000 832.000 0 01 0 0 s 334.940 $ 188,200 $ 378,240 S 238.8483 148,652 Costs to be accounted for Costs in beginning WP inventory Current period costs Total costs to be accounted for S 334,940 $ 168,200 $ 378.240 S 238.848S 146,652 Cost per equivalent unit: Prior department costs Materials Labor Manufacturing overhead S 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 WP inventory Prior department costs Materials Labor Manufacturing overhead Total ending WP inventory Total costs accounted for S 0 S 0 S S 0 0 $ 0 $ 01 S OS 0
