Process Costing:

Provide Production Reports for both departments in good form. The pictures of excel tables are included at the end

Marien Company uses a process-costing system.The company manufactures a product that is processed in two departments:Molding and Assembly.In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process.In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out.The following table summarizes the production activity and costs for February.

MoldingAssembly

Beginning inventory

Physical units10,0008,000

Costs:

Transferred in---$45,200

DM$22,000---

Conversion$13,800$16,800

Current production

Units started25,000?

Units transferred out30,00035,000

Costs:

Transferred in---?

DM$56,250$39,550

Conversion$103,500$136,500

Percentage of completion

Beginning inventory40%50%

Ending inventory8050

Required

1.Using the weighted average method, prepare two production reports: one for the Molding Department and one for the Assembly Department.

2.Using the FIFO method, prepare two production reports: one for the Molding Department and one for the Assembly Department.