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McKnight Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing
McKnight Handcraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department. This problem focuses on the assembly department. The process-costing system at McKnight has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added when the assembly department process is 10% complete. Conversion costs are added evenly during the assembly department's process. McKnight uses the FIFO method of process costing. Consider the following data for the assembly department in April. (Click the icon to view the data) Required (Click the icon to view the total costs assigned under the weighted-average method.) Work in process, April 1 Started during April Completed during April Work in process, April 30b Total costs added during April Physical Units Direct Conversion (Frames) Materials Costs 60 $1,530 $156 510 450 120 a Degree of completion: direct materials; 100%; conversion costs, 40%. Degree of completion: direct materials, 100%; conversion costs, 15%. Drint $17,850 $11,544 Total costs assigned under weighted-average method Total Direct Conversion Production Costs Materials Costs Completed and transferred out $ 26,550 $ 15,300 $ 11,250 Work in process, ending 4,530 4,080 450 $ 31,080 $ Total costs accounted for 19,380 $ 11,700 Print Done 1. Summarize total assembly department costs for April, and assign them to units completed (and transferred out) and to units in ending work in process.
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