a. Prepare a production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) KAN SAS SUPPLIESAssembling DepartmentProduction Cost Report-Weighted AveragePrior DepartmentCostsManufacturingOverheadPhysical UnitsTotal CostsMaterialsLaborFlow of Production UnitsUnits to be accounted for.Beginning WIP inventoryUnits started this periodTotal units to be accounted forUnits accounted for:Units completed and transferred out:From beginning inventoryStarted and completed currentiyTotal transferred outUnits in ending MP inventoryTotal units accounted forCosts to be acoounted for:Costs in beginning WP inventoryCurrent period costsTotal costs to be accounted for이 $이 $이 $이 $Cost per equivalent unit:Prior department costsMaterialsLaborManufacturing overheadCosts accounted for:Costs assigned to units transferred outPrior department costsMaterialsLaborManufacturing overheadTotal costs of units transferred outCosts assigned to ending WP inventory:Prior department costsMaterialsLaborManufacturing overheadTotal ending WP inventoryTotal costs accounted for이 $이 $이 $ Kansas Supplies isa manufacturer of plastic parts that uses the welghted-average process costing method to account for costs ofproduction. It produces parts In three separate departments: Molding. Assembling, and Packaging. The following Information wasobtalned for the Assembling Department for the month of April.Work In process on April 1 had 107,000 units made up of the following.Degree ofCompletionAnountPrior department costs transferred in from the MoldingDepartnentCosts added by the Assenbling DepartmentDirect naterials$145,5201eex$ 96,30036,16919,012$151,481$297,0011eexDirect laborManufacturing overheadsexWork in process, April 1During April, 507,000 units were transferred In from the Molding Department at a cost of $689,520. The Assembling Departmentadded the following costs.Direct naterialsDirect laborManufacturing overhead$437,670164, 24174,808S676,719Total costs addedAssembling finished 407,000 units and transferred them to the Packaging Department.At April 30, 207,000 units were still in work-In-process Inventory. The degree of completion of work-in-process Inventory at April 30was as follows.Direct materialsDirect laborManufacturing overhead30Required:a. Prepare a production cost report using the welghted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)

Equivalent units of production shows the incomplete units on the basis of completed units.

Answered: a. Prepare a production cost report…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Prepare a schedule of cost of goods manufactured for 20x1.
Saved Required information Data Beginning work in process inventory: 5. Units in process 200 6. Completion with respect to materials 50 % 7 Completion with respect to conversion Costs in the beginning work in process inventory: 40 % 8. 6. Materials cost 2,590 10 Conversion cost 6,184 11 Units started into production during the period 16.500 12 Costs added to production during the period: 13 Materials cost $ 415,325 Conversion cost $ 1,266.500 15 Ending work in process inventory: 16 Units in process 100 17 Completion with respect to materials 50 % 18 Completion with respect to conversion 80 % %24 %24 2. 4. 1.
When units are produced over multiple periods (i.e. incomplete at the end of one period) production cost are assigned to individual units based on : -Equal units, -Equal costs -Equivalent cost -Equivalent units,
1. The number of units in work in process inventory at the end of the period. 2. Equivalent units of production for direct materials and conversion 3. Costs per equivalent unit for direct materials and conversion. 4. Cost of the units started and completed during the period.
Question: In cost accounting, what is the primary purpose of calculating the predetermined overhead rate? A) To allocate indirect costs to products based on a predetermined formula.B) To determine the actual overhead costs incurred during a specific production period.C) To calculate variable costs associated with each unit of production.D) To assess fixed costs that remain constant regardless of production levels.
The equivalent units for the FIFO unit cost represent: a. work done during the current period. b. work done during the current period and the previous period. c. work done on units completed during the current period. d. work done during the previous period. e. the same thing as the equivalent units for the weighted average unit cost.
a. Based on the above data, determine the different costs listed below. 1. Cost of beginning work in process inventory completed this period. $ 2. Cost of units transferred to finished goods during the period. $ 3. Cost of ending work in process inventory. $ 4. Cost per unit of the completed beginning work in process inventory, rounded to the nearest cent.
Cool Sky reports the following costing data on its product for its first year of operations. During this first year, the company produced 44,000 units and sold 36,000 units at a price of $140 per unit. Manufacturing costs Direct materials per unit Direct labor per unit Variable overhead per unit Fixed overhead for the year Selling and administrative costs Variable selling and administrative cost per unit Fixed selling and administrative cost per year 60 24 24 $ 528,000 22 8 $4 $ 105,000 11 la. Assume the company uses absorption costing. Determine its product cost per unit. Absorption costing Per unit product cost using:
Doaktown Products manufactures fishing equipment for recreational uses. The Miramichi plant produces the company's two versions of a special reel used for river fishing. The two models are the M-008, a basic reel, and the M-123, a new and improved version. Cost accountants at company headquarters have prepared costs for the two reels for the most recent period. The plant manager is concerned. The cost report does not coincide with her intuition about the relative costs of the two models. She has asked you to review the cost accounting and help her prepare a response to headquarters. Manufacturing overhead is currently assigned to products based on their direct labor costs. For the most recent month, manufacturing overhead was $334,400. During that time, the company produced 14,900 units of the M-008 and 2,400 units of the M-123. The direct costs of production were as follows. М-008 М-123 Total Direct materials $119,200 $ 96,000 48,000 $215,200 Direct labor 119,200 167,200 Management…
Use the cost per equivalent unit to assign costs to the work completed during the period.
When computing the cost per equivalent unit under the wighted-average method of process costing, the cost per equivalent unit for direct material is computed by dividing the total direct-material cost by the total equivalent units. True or False?
Compute the manufacturing cost per unit for each product.

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