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Kansas 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 on April 1 had 104,000 units made up of the following. Degree of Completion Amount Prior departnent costs transferred in from the Molding Department Costa added by the Assembling Department Direct materials $138,320 100 $ 88,400 31,528 1004 Direct labor 60 Manufacturing overhead 21,264 $141,192 Work in procesn, April 1 $279,512 During April, 504,000 units were transferred in from the Molding Department at a cost of $670,320. The Assembling Department added the following costs. Direct materials Direct labor $393,720 159,852 95,036 $648,600 Manufacturing overhead Total costs added Assembling finished 404,000 units and transferred them to the Packaging Department. At April 30, 204,000 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 80 Direct labor 70 Manufacturing overhead 30 Required: a. Prepare a production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.)

Kansas 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 on April 1 had 104,000 units made up of the following. Degree of Completion Amount Prior departnent costs transferred in from the Molding Department Costa added by the Assembling Department Direct materials $138,320 100 $ 88,400 31,528 1004 Direct labor 60 Manufacturing overhead 21,264 $141,192 Work in procesn, April 1 $279,512 During April, 504,000 units were transferred in from the Molding Department at a cost of $670,320. The Assembling Department added the following costs. Direct materials Direct labor $393,720 159,852 95,036 $648,600 Manufacturing overhead Total costs added Assembling finished 404,000 units and transferred them to the Packaging Department. At April 30, 204,000 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 80 Direct labor 70 Manufacturing overhead 30 Required: a. Prepare a production cost report using FIFO. (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
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Kansas 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 on April 1 had 104,000 units made up of the following. Degree of Completion Amount Prior departnent costs transferred in from the Molding Department Costs added by the Ansembling Department Direct materials Direct labor $138, 320 100 $ 88,400 31,528 21,264 $141,192 100 60 Manufacturing overhead 508 Work in process, April 1 $279,512 During April, 504,000 units were transferred in from the Molding Department at a cost of $670,320. The Assembling Department added the following costs. Direct materials $393,720 159,852 Direct labor Manufacturing overhead 95,036 Total costs added $648,608 Assembling finished 404,000 units and transferred them to the Packaging Department. At April 30, 204,000 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 80 Direct labor 70 Manufacturing overhead 30 Required: a. Prepare a production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.)
Transcribed Image Text:Kansas 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 on April 1 had 104,000 units made up of the following. Degree of Completion Amount Prior departnent costs transferred in from the Molding Department Costs added by the Ansembling Department Direct materials Direct labor $138, 320 100 $ 88,400 31,528 21,264 $141,192 100 60 Manufacturing overhead 508 Work in process, April 1 $279,512 During April, 504,000 units were transferred in from the Molding Department at a cost of $670,320. The Assembling Department added the following costs. Direct materials $393,720 159,852 Direct labor Manufacturing overhead 95,036 Total costs added $648,608 Assembling finished 404,000 units and transferred them to the Packaging Department. At April 30, 204,000 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 80 Direct labor 70 Manufacturing overhead 30 Required: a. Prepare a production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.)
Required: a. Prepare a production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.) KANSAS SUPPLIES Assembling Department Production Cost Report-FIFO Prior Manufacturing Overhead Physical Units Total Costs Department Costs Materials Labor 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 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 0 $ 이 $ 0 $ Cost per equivalent unit: Prior department costs Materials Labor Manufacturing overhead Costs accounted for: Costs assigned to units transferred out: Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory: Prior department costs Materials Labor Manufacturing overhead Total costs from beginning inventory 24 Current costs of units started and completed: Prior department costs Materials Labor Manufacturing overhead Total costs of units started and completed 24 Total costs of units transferred out Costs assigned to ending WIP inventory: Prior department costs Materials Labor Manufacturing overhead Total ending WIP inventory 24 Total costs accounted for 0 $ 이 $ 0 $
Transcribed Image Text:Required: a. Prepare a production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.) KANSAS SUPPLIES Assembling Department Production Cost Report-FIFO Prior Manufacturing Overhead Physical Units Total Costs Department Costs Materials Labor 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 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 0 $ 이 $ 0 $ Cost per equivalent unit: Prior department costs Materials Labor Manufacturing overhead Costs accounted for: Costs assigned to units transferred out: Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory: Prior department costs Materials Labor Manufacturing overhead Total costs from beginning inventory 24 Current costs of units started and completed: Prior department costs Materials Labor Manufacturing overhead Total costs of units started and completed 24 Total costs of units transferred out Costs assigned to ending WIP inventory: Prior department costs Materials Labor Manufacturing overhead Total ending WIP inventory 24 Total costs accounted for 0 $ 이 $ 0 $
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