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Below is the FIFO Production Cost Report for Micca's Dino Catchers for the Month ended March $31.$ MDC makes plastic dinosaur toys

that catch plastic balls in their mouths.

At the end of March, there were $1,200$ units in production that were complete as to raw materials but only $25\%$ complete as to

conversion costs.

During April, the company started $5,200$ more units and completed and transferred $5,400$ to finished goods inventory.

Costs from the April general ledger indicate the following:

Direct materials $ $12,500$

Direct Labor $ $6,050$

Factory overehead $ $10,000$

The units in ending inventory at the end of April were $80\%$ complete as to direct materials and $25\%$ complete as to conversion costs.

Requirement $1$: prepare the Production Cost Report on the FIFO basis for April.

Requirement $2$: compute the per$-$unit cost of finished goods transferred out for the month of April, rounded to the nearest penny.

Beginning work$-$in$-$process $\%$ completed in prior

month $\%$ left to complete EUs

Direct Materials $100\%8000\%-$

Conversion Costs $80\%20\%160$

Units started and completed $\%$ complete EUs

Direct Materials $3,000100\%3,000$

Conversion Costs $100\%3,000$

Units started but not completed $\%$ completed

Direct Materials $1,200100\%1,200$

Conversion Costs $25\%300$

Micca's Dino Catchers

Production Cost Report

Month Ended March $31$

Equivalent Units

UNITS Physical Direct Conversion

Units Materials Costs

Units to account for:

Beginning work$-$in$-$process $800$

Started in production $4,200$

Total units to account for $5,000$

Units accounted for:

Beginning work$-$in$-$process $800-160$

Started and completed $3,0003,0003,000$

Total units transferred to storeroom $3,8003,0003,160$

Ending work$-$in$-$process $1,2001,200300$

Total units accounted for $5,0004,2003,460$

COSTS Direct Conversion Total

Materials Costs Costs

Costs to account for:

Beginning work$-$in$-$process $ $1,200$ $ $1,600$ $ $2,800$

Costs added during the period $ $8,400$ $ $9,688$ $ $18,088$

Total costs to account for $ $9,600\mathrm{.}00$ $ $11,288\mathrm{.}00$ $ $20,888$

Costs added during current period $ $8,400$ $ $9,688$

Divided by: Total EUP $4,2003,460$

Cost per equivalent unit $ $2\mathrm{.}00$ $ $2\mathrm{.}80$

Costs accounted for:

Beginning work$-$in$-$process $ $1,200$ $ $1,600$ $ $2,800$

Costs to complete $ $-$ $ $448$ $ $448$

Cost of work$-$in$-$process completed $ $1,200$ $ $2,048$ $ $3,248$

Started and completed $ $6,000$ $ $8,400$ $ $14,400$

Transferred to storeroom $ $7,200$ $ $10,448$ $ $17,648$

Ending work$-$in$-$process $ $2,400$ $ $840$ $ $3,240$

Total costs accounted for $ $9,600$ $ $11,288$ $ $20,888$

Cost of goods finished and transferred out $ $17,648$

# of units transferred to Finished Goods $3,800$

Cost per unit $ $4\mathrm{.}64$

Beginning work$-$in$-$process $\%$ completed in prior

month $\%$ left to complete EUs

Direct Materials $100\%$

Conversion Costs $25\%$

Units started and completed $\%$ complete EUs

Direct Materials

Conversion Costs

Units started but not completed $\%$ completed

Direct Materials

Conversion Costs

Micca's Dino Catchers

Production Cost Report

Month Ended April $30$

Equivalent Units

UNITS Physical Direct Conversion

Units Materials Costs

Units to account for:

Beginning work$-$in$-$process

Started in production

Total units to account for

Units accounted for:

Beginning work$-$in$-$process

Started and completed

Total units transferred to storeroom

Ending work$-$in$-$process

Total units accounted for

COSTS Direct Conversion Total

Materials Costs Costs

Costs to account for:

Beginning work$-$in$-$process

Costs added during the period

Total costs to account for

Costs added during current period

Divided by: Total EUP

Cost per equivalent unit

Costs accounted for:

Beginning work$-$in$-$process

Costs to complete

Cost of work$-$in$-$process completed

Started and completed

Transferred to storeroom

Ending work$-$in$-$process

Total costs accounted for

Cost of goods finished and transferred out

# of units transferred to Finished Goods

Cost per unit

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