Spectre Chemicals produces Canovic in a two-department process. Information on the two departments for March and April 2016 are as follows:

MARCH 2016:

Department 1: The Company had beginning inventory of 6,000 units, 40% completed with a cost of $45,000. During the month, the department transferred in 22,000 units of the direct materials with a cost of $10 per unit. Ending inventory was 7,000 units, 30% completed. Direct labor is $310,500 and factory overhead is $103,500.

Department 2: The Company had beginning inventory of 5,000 units, 70% completed with a cost of $80,000. During the month, direct labor was $175,000 and factory overhead was $87,500. Ending inventory was 10,000 units, 50% completed.

APRIL 2016:

Department 1: During the month, the department transferred in 20,000 units of the direct materials with a cost of $11 per unit. Direct labor is $209,000 and factory overhead is $104,500. Ending inventory is 10,000 units 60% completed.

Department 2: During the month, direct labor is $175,000 and factory overhead is $87,500. The company had ending inventory of 5,000 units, 70% completed with a cost of $80,000.

Required:

Compute the Equivalent Units of Production, Material costs, and Conversion costs for each department for March and April 2016. (FIFO method)

Complete the attached chart - one for each department and each month (FIFO method)

Prepare a cost of production report for March and April 2016. (FIFO method)

Company
Process Cost Summary (FIFO method)
For Month Ended
Cost charged to production
Costs of beginning work in process inventory
Direct materials
Conversion
Costs incurrred this period
Direct materials
Conversion
Total costs to account for
Unit information
Units to account for		Units accounted for
Beginning work in process		Transferred out
Units started this period		Ending work in process
Total units to account for		Total units accounted for
Equivalent units of production		Direct Materials	Conversion
Equivalent units to complete beginning work in process
Direct materials( )
Conversion ( )
Equivalent units started and completed
Equivalent units in ending work in process
Direct materials( )
Conversion ( )
Equivalent units of production
Cost per equivalent unit of production		Direct Materials	Conversion
Cost incurred this period
Equivalent units of production
Cost per equivalent unit of production
Cost assignment and reconciliation ( cost of units completed and transferred out)
Cost of beginning work in process
Cost to complete beginning work in process
Direct materials ( )
Conversion ( )
Cost of units started and completed this period
Direct materials ( )
Conversion ( )
Total cost of units finished this period
Cost of ending work in process
Direct materials ( )
Conversion ( )
Total cost of ending work in process
Total cost accounted for

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