Reference no: EM132649716

Provide Production Reports for both departments in good form.

Marien 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

Required

Question 1. Using the weighted average method, prepare two production reports: one for the Molding Department and one for the Assembly Department.

Question 2. Using the FIFO method, prepare two production reports: one for the Molding Department and one for the Assembly Department.