Prepare Departmental Cost of Production Report, showing the

Prepare Departmental Cost of Production Report, showing the quantity schedule & equivalent production in units, Computation of Unit Costs, Reconciliation of Cost.

Koy Kingdom, manufactures educational toys using both Weighted Average and FIFO Method in process costing systems. Plastic is molded into the appropriate shapes in the Molding Department. Molded components are transferred to the Assembly Department where the toys are assembled and additional materials (for example, fasteners and decals) are applied. Completed toys are then transferred to the Packaging Department where each toy is boxed.

Toy Kingdom, showed the following data on toy production for February:

MOLDING

ASSEMBLY

PACKAGING

Inventory Costing Method

(Weighted Ave)

FIFO

FIFO

Beg. Inventory:

Units

500

150

Prior Department

19,590

Materials Costs

25,000

3,750

Conversion Costs

10,500

2,250

Started or Transferred in:

Units

500

?

300

February Costs:

Prior Department

?

?

Materials

50,000

4,876

24,075

Conversion Costs

76,600

11,660

29,775

Completed & Transferred Units

?

?

Ending Inventory in Units

200

300

50

Inspection Point

End of the process

During the process, have not yet reach point of inspection

Inspection point at the beginning of the process

% Normal Lost

During the process, without indication of inspection

50 units

10%

Beginning and ending work in process for the three departments showed the following degree of completion:

MOLDING

ASSEMBLY

PACKAGING

Materials application

50% beginning of the process and 50% at the end.

Application of materials, after inspection

Materials Application:

50% beg. Of the process, add’l 50% evenly throughout the process.

Degree of Completion In-Process Beg.

50%

?

80%

Degree of Completion In-Process End.

80%

60%

Work in Process – End

80% completion.

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