Solution-Make a production cost report using FIFO

Make a production cost report using FIFO

Reference no: EM132846002

Question - 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 117,000 units made up of the following.

Amount Degree of Completion

Prior department costs transferred in from the Molding Department $170,820 100%

Costs added by the Assembling Department Direct materials $93,600 100%

Direct labor 55,219 70%

Manufacturing overhead 18,861 50%

$167,680

Work in process, April 1 $338,500

During April, 517,000 units were transferred in from the Molding Department at a cost of $754,820. The Assembling Department added the following costs.

Direct materials $396,240

Direct labor 269,611

Manufacturing overhead 101,664

Total costs added $767,515

Assembling finished 417,000 units and transferred them to the Packaging Department.

At April 30, 217,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at April 30 was as follows.

Direct materials 90%

Direct labor 80

Manufacturing overhead 30

Required - Make a production cost report using FIFO.

Reference no: EM132846002

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Make a production cost report using FIFO

Reference no: EM132846002

Reference no: EM132846002

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