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FIFO Method, Two-Department Analysis Muskoge 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: Molding Assembly Beginning inventories: Physical units 10,000 8,000 Costs: Transferred in $45,400 Direct materials $22,000 Conversion costs $13,800 $16,700 Current production: Units started 25,000 ? Units transferred out 30,000 35,000 Costs: Transferred in ? Direct materials $56,750 $39,550 Conversion costs $106,500 $143,000 Percentage of completion: 40% 50% Beginning inventory Ending inventory Required: 80 50 1. Using the FIFO method, prepare the following for the Molding Department: a. A physical flow schedule Muskoge Company Molding Department Physical Flow Schedule Units to account for: Units, beginning work in process Units started in February (transferred in) 10,000 25,000 35,000 Total units to account for Units accounted for: Units completed and transferred out: Started and completed From beginning work in process 20,000 10,000 Units, ending work in process 5,000 Total units accounted for 35,000 b. An equivalent units calculation Total Equivalent Units 25,000 Direct Materials Conversion Costs 30,000 C. Calculation of unit costs. Round your answer to the nearest cent. 5.82 per unit d. Cost of ending work in process and cost of goods transferred out. Cost of ending work in process: 25,550 Cost of goods transferred out: $ 173,500 e. A cost reconciliation. Costs to account for: Beginning work in process Costs incurred 35,800 163,250 Total costs to account for 199,050 Costs accounted for: Transferred out $ 173,500 Ending work in process 25,550 Total costs accounted for $ 199,050 3. Repeat Requirements 1 and 2 for the Assembly Department. a. A physical flow schedule Muskoge Company Assembly Department Physical Flow Schedule Units to account for: Units, beginning work in process Units started in February (transferred in) 8,000 30,000 38,000 Total units to account for Units accounted for: Units completed and transferred out: Started and completed From beginning work in process 27,000 8,000 Units, ending work in process 3,000 Total units accounted for 38,000 b. An equivalent units calculation Total Equivalent Units Direct Materials Conversion Costs Transferred In c. Calculation of unit costs. If required, round your intermediate computations and final answer to four decimal places and use the rounded answer in subsequent computations. per unit d. Compute the following. For interim computations, carry amounts out to four decimal places. Round your final answers to the nearest dollar Cost of ending work in process: $ Cost of goods transferred out: $ e. A cost reconciliation. When necessary, round equivalent cost per unit to four decimal places, and round all other amounts to the nearest dollar. Costs to account for: Beginning work in process Costs incurred Total costs to account for Costs accounted for