a. Prepare a production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) # Kansas Supplies: Assembling Department## Production Cost Report—Weighted Average### Flow of Production Units**Units to be accounted for:**- **Beginning WIP Inventory:** - Physical Units: - Total Costs: - Prior Department Costs: - Materials: - Labor: - Manufacturing Overhead:- **Units started this period:** - Physical Units: 0 - Total Costs: - Prior Department Costs: - Materials: - Labor: - Manufacturing Overhead:- **Total units to be accounted for:** - Physical Units: 0### Units Accounted for:**Units completed and transferred out:**- **From beginning inventory:** - Physical Units: - Total Costs: - Prior Department Costs: - Materials: - Labor: - Manufacturing Overhead: - **Started and completed currently:** - Physical Units: 0 - Total Costs: - Prior Department Costs: - Materials: - Labor: - Manufacturing Overhead:- **Total transferred out:** - Physical Units: 0 - Total Costs: 0 - Prior Department Costs: - Materials: - Labor: - Manufacturing Overhead:- **Units in ending WIP inventory:** - Physical Units: - Total Costs: - Prior Department Costs: - Materials: - Labor: - Manufacturing Overhead:- **Total units accounted for:** - Physical Units: 0 - Total Costs: 0 - Prior Department Costs: 0 - Materials: 0 - Labor: 0 - Manufacturing Overhead: 0### Costs to be Accounted for:- **Costs in beginning WIP inventory:** - Total Costs: - Prior Department Costs: - Materials: - Labor: - Manufacturing Overhead: - **Current period costs:** - Total Costs: - Prior Department Costs: - Materials: - Labor: - Manufacturing Overhead: - **Total costs to be accounted for:** - Total Costs: $0 - Prior Department Costs: $0 - Materials: $0 - Labor **Kansas Supplies: Assembling Department Cost Analysis for April****Overview:**Kansas Supplies, a manufacturer of plastic parts, uses the weighted-average process costing method. This method accounts for costs in three departments: Molding, Assembling, and Packaging. The following analysis pertains to the Assembling Department for April.**Work in Process - April 1:**- Units in process: 107,000**Costs Transferred from Molding Department:**- Amount: $145,528- Degree of Completion: 100%**Costs Added by Assembling Department:**- Direct Materials: $96,780 (70% complete)- Direct Labor: $36,369 (60% complete)- Manufacturing Overhead: $19,812 (30% complete)**Total Costs in Work in Process on April 1:**- Amount: $297,489**Transfers and Additions:**During April, 507,000 units were transferred from the Molding Department with an incurred cost of $689,520. The Assembling Department added the following costs:- Direct Materials: $437,676- Direct Labor: $164,241- Manufacturing Overhead: $74,888**Total Additional Costs: $676,719****Completed Transfers:**- Assembling finished 407,000 units and moved them to the Packaging Department.**Work in Process - April 30:**- Units in process: 207,000- Degree of completion: - Direct Materials: 90% - Direct Labor: 80% - Manufacturing Overhead: 30%**Task Requirement:**Prepare a production cost report using the weighted-average method. (Round "Cost per equivalent unit" to two 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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Compute equivalent units of production for materials and for conversion costs. Determine the unit costs of production. (Round unit costs to 2 decimal places,e.g. 2.25 . ) Show the assignment of costs to units transferred out and in process.Units transferred outsUnits in ending work in processseTextbook and MediaBaden Company has gathered the following information.Costs incurred:
T or F Conversion cost per equivalent unit equals total conversion costs for the period divided by total equivalent units of conversion costs. T or F Product costs must be allocated to the units transferred out of thedepartment and the partially completed units on hand at the end of the period. T or F Ford is a process manufacturer.
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,
Which of the following is not a method of cost absorption? (a) Percentage of direct material cost (b) Machine hour rate (c) Labour hour rate (d) Repeated distribution method
Subject-Acounting
Management Accounting Questions MCQ 1. Which of the following statements comparing the weighted-average method with the FIFO method of accounting for cost flows is incorrect? a)Using the FIFO method, the equivalent units are calculated differently from the weighted-average method because the equivalent work done on the opening work-in-progress last period is excluded from the computation. b)The weighted-average method averages the costs associated with the work done in the previous period with the costs incurred in the current period. c)The fact that there are two different methods suggests that it is not possible to state which method provides more accurate results. d) When there are no beginning inventories or ending inventories, both methods will provide identical results. 2. Which of the following statements about a process costing system is incorrect? a) In a process costing system, there is a work-in-progress account for each processing department. b) In a process costing…
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.
Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials. Conversion Total costs to account for Units 4,400 20, 600 25,000 3,800 $314, 760 1,374,948 Direct Materials Conversion Percent Percent Complete Complete 100% 30% 100% $ 124,790 1,689, 708 $ 1,814, 498 70%
Crex Co was set up by Cynthia Rex who created her own brand of chalk paint 20 years ago. Using her background in fine art, she developed this specialist chalk paint to be used in the restoration of furniture and to decorate accessories. The chalk paints are exclusively available through Crex Co's network of over 800 independent stockists who are located in over 30 countries around the world. The manufacturing process begins with the three chemicals required for the paint being measured on electronic scales. A worker then takes the chemicals and places them into a machine for mixing. Once mixed the worker removes the mixture from the machine and transfers it to tin containers. The standard material costs per litre of chalk paint are as follows: Litres required $ per litre 0.80 1.20 0.15 1.40 0.10 0.80 1.05 Material Latex paint Plaster of Paris Calcium carbonate At the end of the last period, actual output of the chalk paint was 3,325 litres and actual data relating to this production…

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