Reference no: EM132644579
Provide Production Reports for both departments. Place the Departmental Production reports next to each other.
Problem 1. Using the weighted average method, prepare two production reports: one for the Molding Department and one for the Assembly Department.
Problem 2. Using the FIFO method, prepare two production reports: one for the Molding Department and one for the Assembly Department.
Macro Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February.
Molding Assembly
Beginning inventory
Physical units 10,000 8,000
Costs:
Transferred in --- $45,200
DM $22,000 ---
Conversion $13,800 $16,800
Current production
Units started 25,000 ?
Units transferred out 30,000 35,000
Costs:
Transferred in --- ?
DM $56,250 $39,550
Conversion $103,500 $136,500
Percentage of completion
Beginning inventory 40% 50%
Ending inventory 80 50
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