FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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.
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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.
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
expand button
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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