Problem 8-54 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-4, 5) 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 75,000 units made up of the following. Degree of Completion Amount $ 192,eee 100% Prior department costs transferred in from the Molding Department Costs added by the Assembling Department Direct materials Direct labor Manufacturing overhead $ 120,000 43,200 27,600 $ 190,800 $ 382,800 100% 60% 50% Work in process, April 1 During April, 375,000 units were transferred in from the Molding Department at a cost of $960,000. The Assembling Department added the following costs. Direct materials Direct labor Manufacturing overhead Total costs added $ 576,000 216,000 113,400 $ 985,400 Assembling finished 300,000 units and transferred them to the Packaging Department. At April 30,150,000 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 90% 70 35 Required: a. Prepare a production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.) a 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 Prior Physical Unita Total Costa Department Materiale Costa Labor Manufacturing Overhead 75.000 375.000 450.000 Flow af Production Units 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 currenlly Unitsin ending WIP inventory Total units accounted for 75.000 225.000 150.000 450.000 0 0 0 Costs to be accounted for Custs in beginning WP inventory Current period costs Total costs to be accounted for s 382,800S 192.000 $ 120,000 1,885,400 980.000 576,000 S 2,248,200 5 1.152,000 $ 698,000 S 43,2005 216.000 259,200 5 27.000 113.400 141.000 5 2.58 Cost per equivalent unit Prior department att Materiais Labor Manufacturing overhead 5 1.60 S 0.00 S 0.36 s 382,800 S 382,800 Costs accounted for: Costs assigned to units transferred out Costs from beginning WIP inventory Current costs added to complete beginning WP 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 S 382,800 S $ 382,800 5 05 OS 05