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FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Rondelle Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production. It produces parts in three separate departments: Molding, Assembling, and Packaging. The following information was obtained for the Assembling Department for the month of April.

Work in process (WIP) on April 1 had 75,000 units made up of the following:

 

Amount

Degree of Completion

Prior department costs transferred in from the Molding Department Costs added by the Assembling Department

$192,000

100%

Direct materials

$120,000

100%

Direct labor

$43,200

60%

Manufacturing overhead

$27,600

50%

   Total

$190,800

 

Work in process, April 1

$382,000

 

 

During April, 375,000 units were transferred in from the Molding Department at a cost of $960,000. The Assembling Department added the following costs.

Direct materials

$576,000

Direct labor

$216,000

Manufacturing overhead

$113,400

Total costs added

$905,400

 

Assembling finished 300,000 units and transferred them to the Packaging Department.

At April 30, 150,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at April 30 was as follows.

Direct materials

90%

Direct labor

70%

Manufacturing overhead

35%

Refer to your textbook (Chapter 8 pp. 337-343) and prepare a production cost report using the weighted-average method. Use the template below (fill in the cells indicated in green) and round “Cost per equivalent unit” to 2 digits.

Rondelle Supplies

Assembling Department

Production Cost Report – Weighted-Average

 

Physical Units

Total Costs

Prior Department Costs

Materials

Labor

Manufacturing Overhead

Flow of Production Units

 

 

 

 

 

 

Units to be accounted for:

 

 

 

 

 

 

   Beginning WIP inventory

 

 

 

 

 

 

   Units started this period

 

 

 

 

 

 

Total units to be accounted for

 

 

 

 

 

 

 

 

 

 

 

 

 

Units accounted for:

 

 

 

 

 

 

   Units completed and transferred out:

 

 

 

 

 

 

      From beginning inventory

 

 

 

 

 

 

      Started and completed currently

 

 

 

 

 

 

      Total transferred out

 

 

 

 

 

 

   Units in ending WIP inventory

 

 

 

 

 

 

Total units accounted for

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs to be accounted for:

 

 

 

 

 

 

   Costs in beginning WIP inventory

 

 

 

 

 

 

   Current period costs

 

 

 

 

 

 

Total costs to be accounted for

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs per equivalent unit:

 

 

 

 

 

 

Prior department costs

 

 

 

 

 

 

Materials

 

 

 

 

 

 

Labor

 

 

 

 

 

 

Manufacturing overhead

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs accounted for:

 

 

 

 

 

 

   Costs assigned to units transferred out:

 

 

 

 

 

 

      Prior department costs

 

 

 

 

 

 

      Materials

 

 

 

 

 

 

      Labor

 

 

 

 

 

 

      Manufacturing overhead

 

 

 

 

 

 

   Total costs of units transferred out

 

 

 

 

 

 

Costs assigned to ending WIP inventory:

 

 

 

 

 

 

Prior department costs

 

 

 

 

 

 

Materials

 

 

 

 

 

 

Labor

 

 

 

 

 

 

Manufacturing overhead

 

 

 

 

 

 

Total ending WIP inventory

 

 

 

 

 

 

Total costs accounted for

 

 

 

 

 

 

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