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Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department):

WIP inventory—Finishing
Beginning inventory (10,200 units, 20% complete with respect to Finishing costs)
Transferred-in costs (from Mixing) $ 113,520
Finishing conversion costs 3,493
Current work (98,400 units started)
Mixing costs 885,600
Finishing costs 417,732

The ending inventory has 14,200 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs.

Required:

Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)

Physical units Equivalent Units
Mixing Department Finishing Department
Flow of Units:
Units to be accounted for:
Begginning WIP inventory ?
Units started this period ?
Total units to account for
Units accounted for:
Completed and transferred out ? ?

?
Units in ending inventory ?
Mixing ?
Finishing ?
Total units accounted for
Total Mixing Department Finishing Department
Flow of costs:
Costs to be accounted for:
Costs in beginning WIP inventory ? ? ?
Current period costs ? ? ?
Total costs to be accounted for
Cost per equivalent unit
Mixing ?
Finishing ?
Cost accounted for:
Costs assigned to units transferred out ? ? ?
Costs of ending WIP inventory ? ? ?
Total cost accounted for

*Only in the question marks belong the answers.*

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Casey Durgan
Casey DurganLv2
28 Sep 2019

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Douglas Toys is a manufacturer that uses FIFO costing method toaccount for costs of production. It produces a plastic toy in threeseparate departments: Molding, Assembling, and Finishing. Thefollowing information was obtained for the Assembling Departmentfor the month of September.

Work in process on September 1 had120,000 units made up of the following:

Amount Degree ofCompletion
Prior departmentcosts transferred in from the Molding Department $ 178,800 100 %
Costs added by theAssembling Department
Direct materials $ 100,800 100 %
Direct labor 53,920 70 %
Manufacturing overhead 32,520 50 %
$ 187,240
Work in process,September 1 $ 366,040

During September, 520,000 unitswere transferred in from the Molding Department at a cost of$774,800. The Assembling Department added the following costs:

Directmaterials $ 418,320
Direct labor 256,000
Manufacturingoverhead 161,880
Total costsadded $ 836,200
Assembling finished 420,000units and transferred them to the Finishing Department.

At September 30, 220,000 unitswere still in work-in-process inventory. The degree of completionof work-in-process inventory at September 30 was as follows:

Direct materials90%

Directlabor80

Manufacturingoverhead30

Required:
(a)

Prepare a production cost report using FIFO. (Round youranswer to 2 decimal places.)

DOUGLAS TOYS
Assembling Department
Production Cost Report—FIFO
Flow of Production Units COMPUTE EQUIVALENT UNITS
Physical Units Prior Department Costs Materials Labor Manufacturing Overhead
Units tobe accounted for:
BeginningWIP inventory
Unitsstarted this period
Totalunits to be accounted for 0
Unitsaccounted for:
Unitscompleted and transferred out:
Frombeginning inventory
Startedand completed currently
Units inending WIP inventory
Totalunits accounted for 0 0 0 0 0
Costs DETAILS
Total Costs Prior Department Costs Materials Labor Manufacturing Overhead
Costs tobe accounted for:
Costs inbeginning WIP inventory
Currentperiod costs
Totalcosts to be accounted $0 $0 $0 $0 $0
Cost perequivalent unit:
Priordepartment costs
Materials
Labor
Manufacturing overhead
DETAILS
Total Costs Prior Department Costs Materials Labor Manufacturing Overhead
Costsaccounted for:
Costsassigned to units transferred out:
Costsfrom beginning WIP inventory
Currentcosts added to complete beginning WIP inventory:
Priordepartment costs
Materials
Labor
Manufacturing overhead
Totalcosts from beginning inventory $0
Currentcosts of units started and completed:
Priordepartment costs
Materials
Labor
Manufacturing overhead
Totalcosts of units started and completed $0
Totalcosts of units transferred out $0
Costsassigned to ending WIP inventory:
Priordepartment costs
Materials
Labor
Manufacturing overhead
Totalending WIP inventory $0
Total costs accounted for $0 $0 $0 $0 $0

Scribners Corporation produces fine papers in three production departments—Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted-average method in its process costing system. Data for March for the Drying Department follow: Percent Completed Units Pulping Conversion Work in process inventory, March 1 5,000 100 % 20 % Work in process inventory, March 31 8,000 100 % 25 % Pulping cost in work in process inventory, March 1 $ 4,800 Conversion cost in work in process inventory, March 1 $ 500 Units transferred to the next production department 157,000 Pulping cost added during March $ 102,450 Conversion cost added during March $ 31,300 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department.

Required: 1. Determine the equivalent units for March for pulping and conversion.

2. Compute the costs per equivalent unit for March for pulping and conversion. (Round your answers to 2 decimal places.)

3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the Finishing Department in March.

4. Prepare a cost reconciliation report for the Drying Department for March

Cots to be accounted for:

Blank Blank amount

Blank Blank amound

Total cash to be accounted for:

Costs accounted for as follows:

Blank Blank amound

Blank Blank amound

Total costs accounted for:

Weighted Average Process Costing:

Minot Processing Company manufactures one product on acontinuous basis in two departments, Processing and Finishing. Allmaterials are added at the beginning of work on the product in theProcessing Department. During December 2009, the following eventsoccurred in the Processing Department:

Units started

16,000 units

Units completed and transferred to Finishing Department

15,000 units

Costs assigned to processing:Raw materials (one unit of rawmaterials for each unit of product started)

$142,900.00

Manufacturing supplies used

18,000

Direct labor costs incurred

51,000

Supervisors' salaries

12,000

Other production labor costs

14,000

Depreciation on equipment

6,000

Other production costs

18,000

Additional information follows:

Minot uses weighted average costing and applies manufacturingoverhead to Work-in-Process at the rate of 100 percent of directlabor cost.

Ending inventory in the Processing Department consists of 3,000units that are one-third converted.

Beginning inventory contained 2,000 units, one-half converted,with a cost of $34,500 ($24,500 for materials and $10,000 forconversion).

(a) Prepare a cost of production report for theProcessing Department for December.

Minot Processing Company: Processing Department

Cost of Production Report

For the Month Ending December 31, 2009

Summary of units in process:

Beginning

Units started

In process

Completed

Ending

Equivalent units in process:

Materials

Conversion

Total

Units completed

Plus equivalent units in ending inventory

Equivalent units in process

Total cost to be accounted for and

cost per equivalent unit in process:

Beginning work-in-process

$

$

$

Current costs

Total cost in process

$

$

$

Equivalent units in process

+

+

Cost per equivalent unit in process

$

$

$

Accounting for total costs:

Transferred out

$

Ending work-in-process:

Materials

$

Conversion

Total cost accounted for

$

(b) Prepare an analysis of all changes inWork-in-Process.

Work-in-process:

Beginning

$

Current manufacturing costs:

Direct materials

$

Direct labor

Applied overhead

Total

$

Cost of goods manufactured

Ending

$

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