60.1K

Verified Solution

Link Copied!

Answer the requirement below

CoursHeroTranscribedText: Toy 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: momma ASSEMBLY PACKAGING Inventor).r Costing Method (Weighted Ave) FIFO FIFO Beg. Inventory: Units 500 150 Prior Department 19,590 Materials Costs 25,000 3,?50 Conversion Costs 10,500 2,250 Started or Transferred in: Units 500 '2' 300 February Costs: Prior Department - 'P ? Materials 50,000 4,876 24,0?5 Conversion Costs T6,600 11,660 29,775 Completed 8r. Transferred Units '? '? Ending Inventory in Units 200 300 50 Inspection Point None 40% 100% % Normal Lost Nune 50 units 5% Beginning and ending work in process for the three departments showed the following degree of completion: MOLDING ASSEMBL PACKAGING Y Materials Application End of the 100% Materials Application: Process application 20% beg. of the process, after 80% add'l 20% upon 60% stage of completion and the completion balance at the end of the process. Degree of Completion: Work in process Beg.20% completion Beg. Work in Proccss, Conversion Costs 30% Work in Process End 60% completion. Ending Work in Process, Conversion Costs 20% 50% Prepare Departmental Cost of Production Report, showing the quantity schedule & equivalent production in units, Computation of Unit Costs, Reconciliation of Cost

Answer & Explanation Solved by verified expert

See Answer