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a. Prepare a production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)

a. Prepare a production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)

FINANCIAL ACCOUNTING
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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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
Transcribed Image Text:# 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.)
Transcribed Image Text:**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.)
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