Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April.The beginning inventory on the first of April was 100% complete as to materials and 60% as to conversions costs.Beginning WIP included: 4,400 units, which amounted to $23,600. Spacely Sprockets used direct materials for $251,000 and had conversions costs of $142,900 to place 80,500 sprockets into production. Ending WIP amounted to 8,500 units, which were 100% completed for materials and 20% completed to conversions costs.Prepare a production report using the FIFO Method.(Round your answers to two decimal places when needed and use rounded answers for all future calculations). UNITSUnits to accountfor:Beginning work-in-processMaterialsReceivedTotal units toaccount forUnits to beassigned costs:Beginning WIPStarted andCompletedTransferred outEnding work-in-processTotal unitsassigned costsCOSTSCosts perEquivalent Unitof Production:Total costs forthe monthTotalEquivalentUnitsCosts per EUPCosts Assignedto Product:Beginning WIPCost for themonthTotalCosts allocatedto units:Beginning WIPCost tocomplete WIPStarted andCompletedunitsTransferredoutEnding WIPTotal CostsAssignedSpacely SprocketsWhole Units4,400✔80,500✔84,900✔4,400✔72,500 X76,900 X8,500✔85,400 XTransferredInTransferredInSpacely SprocketsDirectMaterials251,000 ✓81,000 X3.10 X0✓224,660 XEquivalent UnitsDirectMaterial26,340 X0✓72,500 ×72,500 ×8,500✔81,000 XConversionCosts142,900✔75,960 x1.88 ✔3,311 X136,391 X3,198 XConversionCosts1,760 X72,500 X74,260 X1,700 ✓75,960 XTotal Costs23,600✔393,900✔417,500✔23,600✔3,311 X361,051 X387,962 X29,538 X417,500 X

According to the question given, we need to prepare the production report.FIFO (First in first…

Answered: Spacely Sprockets makes key components…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

Spacely Sprockets makes key components for the transportation industry using the process cost system. Below are the cost and production data from the Foundry Department for April.

The beginning inventory on the first of April was 100% complete as to materials and 60% as to conversions costs.

Beginning WIP included: 4,400 units, which amounted to $23,600. Spacely Sprockets used direct materials for $251,000 and had conversions costs of $142,900 to place 80,500 sprockets into production. Ending WIP amounted to 8,500 units, which were 100% completed for materials and 20% completed to conversions costs.

Prepare a production report using the FIFO Method.

(Round your answers to two decimal places when needed and use rounded answers for all future calculations).

UNITS
Units to account
for:
Beginning work-
in-process
Materials
Received
Total units to
account for
Units to be
assigned costs:
Beginning WIP
Started and
Completed
Transferred out
Ending work-in-
process
Total units
assigned costs
COSTS
Costs per
Equivalent Unit
of Production:
Total costs for
the month
Total
Equivalent
Units
Costs per EUP
Costs Assigned
to Product:
Beginning WIP
Cost for the
month
Total
Costs allocated
to units:
Beginning WIP
Cost to
complete WIP
Started and
Completed
units
Transferred
out
Ending WIP
Total Costs
Assigned
Spacely Sprockets
Whole Units
4,400✔
80,500✔
84,900✔
4,400✔
72,500 X
76,900 X
8,500✔
85,400 X
Transferred
In
Transferred
In
Spacely Sprockets
Direct
Materials
251,000 ✓
81,000 X
3.10 X
0✓
224,660 X
Equivalent Units
Direct
Material
26,340 X
0✓
72,500 ×
72,500 ×
8,500✔
81,000 X
Conversion
Costs
142,900✔
75,960 x
1.88 ✔
3,311 X
136,391 X
3,198 X
Conversion
Costs
1,760 X
72,500 X
74,260 X
1,700 ✓
75,960 X
Total Costs
23,600✔
393,900✔
417,500✔
23,600✔
3,311 X
361,051 X
387,962 X
29,538 X
417,500 X

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions