Question: *Please keep in mind this asks for the FIFO method* I'd also appreciate if you could show some of your work process! Thank you! Problem

 *Please keep in mind this asks for the FIFO method* I'd

also appreciate if you could show some of your work process! Thank

you! Problem 8-54 (Static) Prepare a Production Cost Report: FIFO Method (LO

*Please keep in mind this asks for the FIFO method* I'd also appreciate if you could show some of your work process! Thank you!

Problem 8-54 (Static) Prepare a Production Cost Report: FIFO Method (LO 8-4, 5) 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 75,000 units made up of the following. Degree of Completion Amount $ 192,000 100% Prior department costs transferred in from the Molding Department Costs added by the Assembling Department Direct materials Direct labor Manufacturing overhead $120,000 43,200 27,600 $190,800 $382,800 100% 60% 50% Work in process, April 1 During April, 375,000 units were transferred in from the Molding Department at a cost of $960,000. The Assembling Department added the following costs. Direct materials Direct labor Manufacturing overhead Total costs added $576,000 216,000 113,400 $905,400 Assembling finished 300,000 units and transferred them to the Packaging Department. At April 30, 150,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory at April 30 was as follows. Direct materials Direct labor Manufacturing overhead 90% 70 35 Required: a. Prepare a production cost report using FIFO. (Round "Cost per equivalent unit" to 2 decimal places.) KANSAS SUPPLIES Assembling Department Production Cost Report-FIFO Physical Units Total Costs Prior Department Costs Materials Labor Manufacturing Overhead Flow of Production Units 75,000 375,000 450,000 Units to be accounted for: Beginning WIP inventory Units started this period Total units to be accounted for Units accounted for: Units completed and transferred out: From beginning inventory Started and completed currently Units in ending WIP inventory Total units accounted for 37,500 225,000 225,000 75,00 225,000 150,000 450,000 0 225,000 150,000 375,000 225,000 135,000 360.000 105,000 330,000 52,500 315,000 Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for $ 382,800 $ 192,000 1,865,400 960,000 $ 2,248,200 $ 1,152,000 $ 120,000 $ 43,200 $ 576,000 216,000 $ 696,000 $ 259,200 $ 27,600 113,400 141,000 $ 2.56 Cost per equivalent unit: Prior department costs Materials Labor $ 1.60 Manufacturing overhead $ 192,000 $ 120,000 Costs accounted for: Costs assigned to units transferred out: Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory: Prior department costs Materials Labor $ 0 Manufacturing overhead Total costs from beginning inventory Current costs of units started and completed: Prior department costs Materials Labor $ 0 $ 0 Manufacturing overhead Total costs of units started and completed Total costs of units transferred out Costs assigned to ending WIP inventory: Prior department costs Materials Labor Manufacturing overhead

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