Homework Answers
Solution:
| Kansas Supplies | |||||
| Assembling Department | |||||
| Production Cost Report- FIFO | |||||
| Physical Units | Prior Department Costs | Materials | Labor | Manufacturing Overhead | |
| Flow of Production units: | |||||
| Units to be accounted for: | |||||
| Beginning WIP Inventory | 75000 | ||||
| Units started this period | 375000 | ||||
| Total Units to be accounted for | 450000 | ||||
| Units Accounted for: | |||||
| Units completed and transferred out | |||||
| From beginning inventory (0, 0, 40%, 50%) | 75000 | 0 | 0 | 30000 | 37500 |
| Started and completed currently (413000-113000) | 225000 | 225000 | 225000 | 225000 | 225000 |
| Units in ending WIP (100%, 90%,70%,35%) | 150000 | 150000 | 135000 | 105000 | 52500 |
| Total units accounted for | 450000 | 375000 | 360000 | 360000 | 315000 |
| Costs | Total costs | Prior Department Costs | Materials | Labor | Manufacturing Overhead |
| Costs to be accounted for: | |||||
| Costs in Beginning WIP inventory | $3,82,800 | $1,92,000 | $1,20,000 | $43,200 | $27,600 |
| Current period cost | $18,65,400 | $9,60,000 | $5,76,000 | $2,16,000 | $1,13,400 |
| Total Costs to be accounted for | $22,48,200 | $11,52,000 | $6,96,000 | $2,59,200 | $1,41,000 |
| Cost per equivalent unit: | |||||
| Prior Department costs | $2.56 | ||||
| Materials | $1.60 | ||||
| Labor | $0.60 | ||||
| Manufacturing Overhead | $0.36 | ||||
| Costs | Total costs | Prior Department Costs | Materials | Labor | Manufacturing Overhead |
| Costs accounted for: | |||||
| Costs assigned to the units transferred out: | |||||
| Cost from beginning WIP inventory | $3,82,800 | 192000 | 120000 | 43200 | 27600 |
| Current costs added to complete beginning WIP Inventory | |||||
| Prior Department costs | $0 | 0 | |||
| Materials | $0 | 0 | |||
| Labor | $18,000 | 18000 | |||
| Manufacturing Overhead | $13,500 | 13500 | |||
| Total costs from beginning WIP inventory | $4,14,300 | ||||
| Current costs of units started and completed | |||||
| Prior Department costs | $5,76,000 | $5,76,000 | |||
| Materials | $3,60,000 | $3,60,000 | |||
| Labor | $1,35,000 | $1,35,000 | |||
| Manufacturing Overhead | $81,000 | $81,000 | |||
| Total costs of units started and completed | $11,52,000 | ||||
| Total costs of units transferred out | $15,66,300 | ||||
| Costs assigned to Ending WIP Inventory: | |||||
| Prior Department costs | $3,84,000 | $3,84,000 | |||
| Materials | $2,16,000 | $2,16,000 | |||
| Labor | $63,000 | $63,000 | |||
| Manufacturing Overhead | $18,900 | $18,900 | |||
| Total Ending WIP Inventory | $6,81,900 | ||||
| Total costs accounted for | $22,48,200 | $9,60,000 | $5,76,000 | $1,98,000 | $99,900 |
Add Answer to:
PLEASE ANSWER ALL INCORRECT IN THE SAME FORMAT USING
FIFO
Required: a. Prepare a production cost...
Hello. PLEASE complete all the blanks and set it up just like this review problem. We...
Hello. PLEASE complete all the
blanks and set it up just like this review problem. We need FIFO
AND WEIGHTED AVERAGE METHOD.
Required: a. Prepare a production cost report using the weighted average method. (Round "Cost per equivalent unit" to 2 decimal places.) Required: 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-FIFO Prior Physical Units Costs Department Materials Costs Total Labor...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
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 103,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
135,960
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
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:
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
138,320
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
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 75,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
192,000
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
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 115,000 units made up of the following: Amount Degree of Completion Prior department costs transferred in from the Molding Department $ 165,600 100 % Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
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 120,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
178,800
100
%
Costs added by...
Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to...
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 75,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
192,000
100
%
Costs added by...
FIFO
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 109,000 units made up of the following. AmountDegree of CompletionPrior department costs transferred in from the Molding Department$150,420100%Costs added by the Assembling DepartmentDirect materials$87,200100%Direct labor40,51870%Manufacturing overhead18,00650%$145,724Work in process, April...
Problem 6-46 FIFO Method; Two Departments [LO 6-2, 6-5, 6-6] Bhatti Company produces plastic photo frames....
Problem 6-46 FIFO Method; Two Departments [LO 6-2, 6-5, 6-6] Bhatti Company produces plastic photo frames. Two departments, molding and finishing, are involved in the manufacturing. The E molding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removes the plastic frame from the mold and strips the edges of the frames of extra plastic. The following information is available for the month of January: Work-in-Process Inventory Molding department...
Exercise 8-41 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) Lansing, Inc....
Exercise 8-41 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5) Lansing, Inc. provides the following information for one of its department’s operations for June (no new material is added in Department T). WIP inventory—Department T Beginning inventory (15,000 units, 60% complete with respect to Department T costs) Transferred-in costs (from Department S) $ 116,000 Department T conversion costs 53,150 Current work (35,000 units started) Prior department costs 280,000 Department T costs 209,050 The ending inventory has...
Hello. PLEASE complete all the
blanks and set it up just like this review problem. We need FIFO
AND WEIGHTED AVERAGE METHOD.
Required: a. Prepare a production cost report using the weighted average method. (Round "Cost per equivalent unit" to 2 decimal places.) Required: 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-FIFO Prior Physical Units Costs Department Materials Costs Total Labor...
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 103,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
135,960
100
%
Costs added by...
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:
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
138,320
100
%
Costs added by...
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 75,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
192,000
100
%
Costs added by...
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 120,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
178,800
100
%
Costs added by...
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 75,000 units made up of the
following.
Amount
Degree of Completion
Prior department costs transferred in from the Molding
Department
$
192,000
100
%
Costs added by...
Problem 6-46 FIFO Method; Two Departments [LO 6-2, 6-5, 6-6] Bhatti Company produces plastic photo frames. Two departments, molding and finishing, are involved in the manufacturing. The E molding department fills the molds with hot liquid plastic that is left to cool and then opens them. The finishing department removes the plastic frame from the mold and strips the edges of the frames of extra plastic. The following information is available for the month of January: Work-in-Process Inventory Molding department...
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