Problem No. 2: Production Report (50 points) - Florence Fan Company uses the average costing method. The following information relates to the Assembly Department, the second department in processing Information for the Assembly Department for the month is as follows: Costs: Transferred In Costs Direct materials: Direct Labor: Beginning Inventory 20,900 14,000 7,688 Costs in the Current Department 392,800 350,080 184,000 Overhead: 10,000 373,376 Quantities: Beginning Work in Process Transferred in from Prior Department Transferred Out to Next Department Lost in Production Normal Spoilage Lost in Production-Abnormal Spoilage Lost in Production-Abnormal Spoilage Ending Work in Process 500 19,200 19,300 20 (from current production) 50 (from prior period) 30 (from current production) 300 Stage of Completion: Materials Labor and Overhead Beginning Inventory 100% 25% Ending Inventory 100% 60% Instructions: Using the Average Costing method, prepare the Equivalent Units of Production Schedule and complete a Cost of Production Report for the Assembly Department. The abnormal loss units for the prior period were found at the 50% inspection point; the abnormal loss units from the current period were found at the end of the department. Round all unit costs to four decimal places and other costs to whole dollars. Florence Fan Company Assembly Department Equivalent Units of Production Materials and Prior Department Costs Transferred Out to Next Department/Finished Goods Work in Process--Ending units x % complete) Abnormal Spoilage units x % complete)) Equivalent Production for Prior Department costs Labor and Manufacturing Overhead Transferred Out to Next Department Work in Process--Ending units x _ % complete) Abnormal Spoilage ( units x % complete) Equivalent Production for Labor and Overhead Uaits Patitiche dal Quantity to Be Accounted For: Work in Process-Beginning............ Transferred In From Prior Department... Total Units Accounted For Quantity Accounted For: Transferred Out to Next Department Work in Process-Ending..... Lost in Production Normal Spoilag Lost in Production-Abnormal Spoilage Total Units Accounted For Total Cost EP. Units Unit Cost Cost Schedule Costs to be Accounted For: Costs form Prior Department... Work in Process-Beginning... Transferred In-Current Month Total Prior Department Cost. Cost in Current Department...... Materials-Beginning. Work in Process Added in Current Month... Total Materials.............. Labor-Beginning Work in Process Added in Current Month Total Labor Overhead-Beginning Work in Process Added in Current Month Total Overhead.............. Total Costs in Current Department.... Total Costs to Be Accounted For II GE Cost Accounted For: Transferred Out to Next Department Los: from Abnormal Spoibags... Work in Process Ending...... Costa in Prior Department... Costs in Current Department Materials labor Dysthead... Total Work in Process Total Costs Accounted For XXXXXX Problem No. 2: Production Report (50 points) - Florence Fan Company uses the average costing method. The following information relates to the Assembly Department, the second department in processing Information for the Assembly Department for the month is as follows: Costs: Transferred In Costs Direct materials: Direct Labor: Beginning Inventory 20,900 14,000 7,688 Costs in the Current Department 392,800 350,080 184,000 Overhead: 10,000 373,376 Quantities: Beginning Work in Process Transferred in from Prior Department Transferred Out to Next Department Lost in Production Normal Spoilage Lost in Production-Abnormal Spoilage Lost in Production-Abnormal Spoilage Ending Work in Process 500 19,200 19,300 20 (from current production) 50 (from prior period) 30 (from current production) 300 Stage of Completion: Materials Labor and Overhead Beginning Inventory 100% 25% Ending Inventory 100% 60% Instructions: Using the Average Costing method, prepare the Equivalent Units of Production Schedule and complete a Cost of Production Report for the Assembly Department. The abnormal loss units for the prior period were found at the 50% inspection point; the abnormal loss units from the current period were found at the end of the department. Round all unit costs to four decimal places and other costs to whole dollars. Florence Fan Company Assembly Department Equivalent Units of Production Materials and Prior Department Costs Transferred Out to Next Department/Finished Goods Work in Process--Ending units x % complete) Abnormal Spoilage units x % complete)) Equivalent Production for Prior Department costs Labor and Manufacturing Overhead Transferred Out to Next Department Work in Process--Ending units x _ % complete) Abnormal Spoilage ( units x % complete) Equivalent Production for Labor and Overhead Uaits Patitiche dal Quantity to Be Accounted For: Work in Process-Beginning............ Transferred In From Prior Department... Total Units Accounted For Quantity Accounted For: Transferred Out to Next Department Work in Process-Ending..... Lost in Production Normal Spoilag Lost in Production-Abnormal Spoilage Total Units Accounted For Total Cost EP. Units Unit Cost Cost Schedule Costs to be Accounted For: Costs form Prior Department... Work in Process-Beginning... Transferred In-Current Month Total Prior Department Cost. Cost in Current Department...... Materials-Beginning. Work in Process Added in Current Month... Total Materials.............. Labor-Beginning Work in Process Added in Current Month Total Labor Overhead-Beginning Work in Process Added in Current Month Total Overhead.............. Total Costs in Current Department.... Total Costs to Be Accounted For II GE Cost Accounted For: Transferred Out to Next Department Los: from Abnormal Spoibags... Work in Process Ending...... Costa in Prior Department... Costs in Current Department Materials labor Dysthead... Total Work in Process Total Costs Accounted For XXXXXX