Reed Company has two departments, a machining department and a finishing department. The following information relates...

Transcribed Image Text:

Reed Company has two departments, a machining department and a finishing department. The following information relates to the finishing department: Work-in-Process, November 1, was 34 units, 40% completed, consisting of $220 transferred-in costs, $128 direct materials costs, and $76 conversion costs. Production completed for November totaled 82 units; Work-in-Process, November 30, is 8 units, 50% completed. All finishing department direct materials are introduced at the start of the process; conversion costs are incurred uniformly throughout the process. Transferred-in costs from the machining department during November were $1,456; costs of direct materials added were $960; conversion costs incurred were $1,584. Following is the summary data of Reed Company's finishing department: Work-in-process, November 1, 34 units: Transferred-in: 100% complete Direct materials: 100% complete Conversion: 40% complete Total costs Units transferred in from machining department during November Units completed during November and transferred out to finished goods inventory Work-in-process, November 30 Transferred-in: 100% complete Direct materials: 100% complete Conversion: 50% complete Costs incurred during November Transferred-in Direct materials Conversion Total current costs Required: 1. Prepare a production cost report for November using the weighted-average method. 2. Prepare a production cost report for November using the FIFO method. $ 220 128 76 $ 424 56 units 82 units $ 1,456 960 1,584 $ 4,000 Reed Company has two departments, a machining department and a finishing department. The following information relates to the finishing department: Work-in-Process, November 1, was 34 units, 40% completed, consisting of $220 transferred-in costs, $128 direct materials costs, and $76 conversion costs. Production completed for November totaled 82 units; Work-in-Process, November 30, is 8 units, 50% completed. All finishing department direct materials are introduced at the start of the process; conversion costs are incurred uniformly throughout the process. Transferred-in costs from the machining department during November were $1,456; costs of direct materials added were $960; conversion costs incurred were $1,584. Following is the summary data of Reed Company's finishing department: Work-in-process, November 1, 34 units: Transferred-in: 100% complete Direct materials: 100% complete Conversion: 40% complete Total costs Units transferred in from machining department during November Units completed during November and transferred out to finished goods inventory Work-in-process, November 30 Transferred-in: 100% complete Direct materials: 100% complete Conversion: 50% complete Costs incurred during November Transferred-in Direct materials Conversion Total current costs Required: 1. Prepare a production cost report for November using the weighted-average method. 2. Prepare a production cost report for November using the FIFO method. $ 220 128 76 $ 424 56 units 82 units $ 1,456 960 1,584 $ 4,000