FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

Please excel form answer provide.

 

 

Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier uses
the weighted-average process costing method to account for costs of production in all three departments. The following information
was obtained for the Fabricating Department for the month of September.
Work in process on September 1 had 15,000 units made up of the following:
Prior department costs transferred in from the
Extruding Department
Costs added by the Fabricating Department
Direct materials
Direct labor
Manufacturing overhead
Work in process, September 1
Amount
Degree of
Completion
$ 77,750
100%
$ 38,000
90%
9,700
70%
8,920
35%
$ 56,620
$ 134,370
During September, 75,000 units were transferred in from the Extruding Department at a cost of $396,250. The Fabricating Department
added the following costs:
Direct materials
Direct labor
Manufacturing overhead
Total costs added
$214,200
64,800
33,880
$ 312,880
Fabricating finished 60,000 units and transferred them to the Packaging Department.
At September 30, 30,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at
September 30 was as follows:
Direct materials
Direct labor
Manufacturing overhead
Required:
100%
60
50
a. Prepare a production cost report for September using the weighted-average method.
Note: Round "Cost per equivalent unit" to 2 decimal places. Round your final answers to nearest whole number.
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
Cost 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
MERCIER MANUFACTURING
Fabricating Department
Production Cost Report-Weighted Average
Physical Units
Total Costs
Prior
Department Materials
Costs
Labor
Manufacturing
Overhead
0
0
0
0
0
0
$
0
S
0 $
0
S
0
$
0
$
0
$
0
$
0
$
0 S
0
$
0
$
expand button
Transcribed Image Text:Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier uses the weighted-average process costing method to account for costs of production in all three departments. The following information was obtained for the Fabricating Department for the month of September. Work in process on September 1 had 15,000 units made up of the following: Prior department costs transferred in from the Extruding Department Costs added by the Fabricating Department Direct materials Direct labor Manufacturing overhead Work in process, September 1 Amount Degree of Completion $ 77,750 100% $ 38,000 90% 9,700 70% 8,920 35% $ 56,620 $ 134,370 During September, 75,000 units were transferred in from the Extruding Department at a cost of $396,250. The Fabricating Department added the following costs: Direct materials Direct labor Manufacturing overhead Total costs added $214,200 64,800 33,880 $ 312,880 Fabricating finished 60,000 units and transferred them to the Packaging Department. At September 30, 30,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at September 30 was as follows: Direct materials Direct labor Manufacturing overhead Required: 100% 60 50 a. Prepare a production cost report for September using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. Round your final answers to nearest whole number. 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 Cost 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 MERCIER MANUFACTURING Fabricating Department Production Cost Report-Weighted Average Physical Units Total Costs Prior Department Materials Costs Labor Manufacturing Overhead 0 0 0 0 0 0 $ 0 S 0 $ 0 S 0 $ 0 $ 0 $ 0 $ 0 $ 0 S 0 $ 0 $
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education