Do not give answer in image Reed Company has two departments, a machining department and a finishing department. The following information relates to thefinishing department: Work-in-Process, November 1, was 46 units, 40% completed, consisting of $280 transferred-in costs, $152 directmaterials costs, and $88 conversion costs. Production completed for November totaled 82 units; Work-in-Process, November 30, is 8units, 50% completed. All finishing department direct materials are introduced at the start of the process; conversion costs are incurreduniformly throughout the process. Transferred-in costs from the machining department during November were $1,980; costs of directmaterials added were $1,080; conversion costs incurred were $2,176. Following is the summary data of Reed Company's finishingdepartment:Work-in-process, November 1, 46 units:Transferred-in: 100% completeDirect materials: 100% complete.Conversion: 40% completeTotal costsUnits transferred in from machining department during NovemberUnits completed during November and transferred out to finished goods inventoryWork-in-process, November 30Transferred-in: 100% completeDirect materials: 100% completeConversion: 50% completeCosts incurred during NovemberTransferred-inDirect materialsConversionTotal current costsRequired:1. Prepare a production cost report for November using the weighted-average method.2. Prepare a production cost report for November using the FIFO method.$28015288$ 52044 units82 units$1,9801,0802,176$5,236 Required 1 Required 2Prepare a production cost report for November using the weighted-average method. (Round "Cost per unit" to 2 decimal placesand other answers to the nearest whole dollar amount.)InputOutputWork-in-process, November 1Started this monthTotal units to account forInputFinishing Department Weighted-Average Production Cost ReportProduction Quantity InformationCompletedWork-in-process, November 30Total accounted forTotal work done to date+Step 3: Determine Total Costs to Account forWork-in-process, November 1Current costsTotal costs to account forStep 4: Compute Unit CostsCost per unitStep 5: Assign Total Manufacturing CostsUnits completed and transferred outEnding work-in-processRequired 1 Required 2Transferred-inMaterialsConversionTotal costs accounted forWork-in-process, November 11Started this monthTotal units to account forOutputStep 3: Determine Total Costs to Account forWork-in-process, November 11Current costTotal costs to account forStep 4: Compute Unit CostsCost per unitCompletedWork-in-process, November 30Total accounted forTotal work done to dateWork-in-process, November 1Total work done this month - FIFO equivalent unitsStep 5: Assign Total Manufacturing CostsREED COMPANYUnits completed and transferred outBeginning work-in-processCurrent cost to completeTotal from beginning work-in-processUnits started and finishedTotal cost completed and transferred outStep 1: Analyze Flow of Physical Step 2: Calculate EquivalentUnitsUnitsPhysical Units Transferred inUnit Cost DeterminationTransferred-in$Cost Assignment0ConversionStep 1: Analyze Flow ofPhysical UnitsPhysical TransferredUnitsinDirectMaterialsPrepare a production cost report for November using the FIFO method. (Negative amounts should be indicated by a minus sign.Round "Cost per unit" to 2 decimal places and other answers to the nearest whole dollar amount.)REED COMPANYFinishing Department FIFO Production Cost ReportProduction Quantity Information$Transferred DirectinMaterialsandCompletedOutHOD00Transferred000ConversionCosts$0 $0 $TotalDirectMaterialsTotalEndingWork-in-ProcessStep 2: CalculateEquivalent UnitsConversionCosts0000000$Conversion Costs TotalTotal000:0300

Name: Do not give answer in image Reed Company has two departments, a machin
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Do not give answer in image Reed Company has two departments, a machining department and a finishing department. The following information relates to thefinishing department: Work-in-Process, November 1, was 46 units, 40% completed, consisting of $28