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Great Dane Company manufactures a product that passes through two departments: Assembly and Finishing. In...

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Accounting

Great Dane Company manufactures a product that passes through two departments: Assembly and Finishing. In the Finishing Department, materials are added at the end of the process. Direct labor and Overhead costs are added throughout the process. During December, the Finishing Department received 60,000 units from the Assembly Department. The transferred-in cost of the 60,000 units was $69,900.
Costs added by Finishing during December included the following:
Direct materials Direct labor Overhead
$35,200 $80,000 $120,000
On December 1, the Finishing Department had 10,000 units in inventory, 30 percent complete with respect to Direct Labor and 60 percent complete with respect to Overhead. On December 30,12,000 units were in inventory, 25 percent complete with respect to Direct Labor costs and 75 percent with respect to Overhead. The costs associated with the 10,000 units in beginning inventory were as follows:
Transferred in
Direct labor
Overhead
Required:
Prepare a cost-of-production report for the Finishing Department using the weighted- average method.
Prepare a cost-of-production report for the Finishing Department using the FIFO method.

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