Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 8-53 (Algo) Prepare a Production Cost Report: Weighted-Average Method (LO 8-3, 4) Kansas Supplies is a manufacturer of plastic parts that uses the
Problem 8-53 (Algo) Prepare a Production Cost Report: Weighted-Average Method (LO 8-3, 4) 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 106,000 units made up of the following. Prior department costs transferred in from the Molding Department Costs added by the Assembling Department Direct materials Direct labor Manufacturing overhead Work in process, April 11 Amount Degree of Completion $143, 180 100% 590,100 100% 35,172 60% 24,482 SON $140,674 $292,774 During April, 506,000 units were transferred in from the Molding Department at a cost of $683,100. The Assembling Department added the following costs. Direct materials Direct labor $305,058 184,908 Manufacturing overhead 119,028 $600,016 Total costs added Assembling finished 406,000 units and transferred them to the Packaging Department. At April 30, 206,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at April 30 was as follows Direct naterials Direct labor Manufacturing overhead B0% 70 35 Required: a. Prepare a production cost report using the weighted average method. (Round "Cost per equivalent unit" to 2 decimal places.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started