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 40% as to conversions costs. Beginning WIP included: 4,800 units, which amounted to $21,800. Spacely Sprockets used direct materials for $243,000 and had conversions costs of $147,770 to place 80,000 sprockets into production. Ending WIP amounted to 8,000 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).

Superior Micro Products uses the weighted - average method of process costing. During January, the Assembly Department completed its processing of 26,300 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January totaled $699,230. The ending work in process inventory in January consisted of 3,500 units, which were 50% complete for materials and 30% complete for labor and overhead. The costs per equivalent unit for the month were as follows: Materials Labor Overhead Cost per equivalent unit $ 14.30 $ 3.70 $ 7.20 Required: For January: Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total. Compute the cost of the units transferred to the next department for materials, labor, overhead, and in total. Prepare a cost reconciliation report.

Machine Builders Inc. adopted a standard cost system several years ago that it uses in conjunction with its process cost system. The per-unit standard costs for direct materials and direct labor for its single product are as follows:             Materials: (7 kilograms × $10 per kilogram) $ 70   Labor: (3 hours × $22 per hour) $ 66       All materials are issued at the beginning of processing. The operating data shown below were taken from the records for July:           In-process beginning inventory   none   In-process ending inventory—90% complete as to labor   900 units Units completed during the month   7,100 units Budgeted output   8,600 units Purchases of materials, in kilograms (AQ)   33,000   Total actual labor costs incurred $ 526,000   Direct labor hours worked (AQ)   22,000 hours Materials purchase-price variance $ 2,900 unfavorable Increase in materials inventory in July   1,300 kilograms Beginning inventory of materials   0 kg.…

Moon Company produces baseball bats and cricket paddles. It has two departments that process all products – Cutting Department and Finishing Department. In Finishing Department, direct materials (DM) are added at the start of the process and conversion costs (CC) are added evenly during the process. Company is using Weighted Average method for the Finishing Department. During July, beginning work in process in the Finishing Department was 80% complete as to conversion. Beginning inventories included $30,800 for transferred-in costs, $13,200 for direct materials, and $27,500 for conversion costs.  Ending inventory was 30% complete as to CC. Additional information about the Finishing Department follows:    Finishing Beginning work-in-process units 26,400 Units transferred in this period 74,800 Units completed & transferred out 79,200 Ending work-in-process units 22,000     Material costs added $37,400 Conversion costs $75,460…

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