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Question - FIFO Method, Two-Department Analysis - Muskoge 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 inventories:
Physical units
10,000
8,000
Costs:
Transferred in
-
$45,200
Direct materials
$22,000
Conversion costs
$13,800
$16,800
Current production:
Units started
25,000
?
Units transferred out
30,000
35,000
$56,250
$39,550
$103,500
$136,500
Percentage of completion:
Beginning inventory
40%
50%
Ending inventory
80
50
Required -
1. Using the FIFO method, prepare the following for the Molding Department:
a. The physical flow schedule traces the units in the process regardless of their stage of completion.
b. An equivalent units calculation
c. Calculation of unit costs.
d. Cost of ending work in process and cost of goods transferred out.
e. A cost reconciliation.
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