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 15,800 units made up of the following: Direct materials Direct labor 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 During September, 75,000 units were transferred in from the Extruding Department at a cost of $436,250. The Fabricating Department added the following costs: Manufacturing overhead Total costs added $ 214,200 64,800 34,280 313,280 Direct materials Direct labor Manufacturing overhead Amount $ 79,750 100% 60 50 Degree of Completion 100% 90% 70% 35% $ 40,000 10,100 9,320 $ 59,420 $ 139,170 Fabricating finished 60,800 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: Required: a. Prepare a production cost report for September using the FIFO. Note: Round "Cost per equivalent unit" to 2 decimal places. Round your final answers to nearest whole number.
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 15,800 units made up of the following: Direct materials Direct labor 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 During September, 75,000 units were transferred in from the Extruding Department at a cost of $436,250. The Fabricating Department added the following costs: Manufacturing overhead Total costs added $ 214,200 64,800 34,280 313,280 Direct materials Direct labor Manufacturing overhead Amount $ 79,750 100% 60 50 Degree of Completion 100% 90% 70% 35% $ 40,000 10,100 9,320 $ 59,420 $ 139,170 Fabricating finished 60,800 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: Required: a. Prepare a production cost report for September using the FIFO. Note: Round "Cost per equivalent unit" to 2 decimal places. Round your final answers to nearest whole number.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text: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 15,800 units made up of the following:
Direct materials
Direct labor
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
During September, 75,000 units were transferred in from the Extruding Department at a cost of $436,250. The Fabricating Department
added the following costs:
Manufacturing overhead.
Total costs added
$ 214,200
64,800
34,280
$ 313,280
Direct materials
Direct labor
Manufacturing overhead
Amount
$ 79,750
$ 40,000
10,100
9,320
$ 59,420
$ 139,170
Degree of
Completion.
100%
100%
60
50
Fabricating finished 60,800 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:
90%
70%
35%
Required:
a. Prepare a production cost report for September using the FIFO.
Note: Round "Cost per equivalent unit" to 2 decimal places. Round your final answers to nearest whole number.
Transcribed Image Text:Required:
a. Prepare a production cost report for September using the FIFO.
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
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
Show Transcribed Text
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
Current costs of units started and completed:
Prior department costs
Materials
Labor
Manufacturing overhead
Total costs of units started and completed
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-FIFO
Physical Units
?
0
0
Prior
Total Costs: Department Materials
Costs
$
Ć
$
$
$
$
$
0 $
0
0
0
0
0 $
0
0 $
0$
0
0 $
0 $
Labor
0
Manufacturing
Overhead
0 $
0 $
0
0
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