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Homework answers / question archive / Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production

Kansas Supplies is a manufacturer of plastic parts that uses the weighted-average process costing method to account for costs of production

Accounting

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.

 

 AmountDegree of CompletionPrior 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 materials90%Direct labor80 Manufacturing overhead30 

 

Required:

a) make production cost report using FIFO.

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