Please do not give image format Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier usesthe weighted-average process costing method to account for costs of production in all three departments. The following informationwas obtained for the Fabricating Department for the month of September.Work in process on September 1 had 16,900 units made up of the following:Prior department costs transferred in fromthe Extruding DepartmentCosts added by the Fabricating DepartmentDirect materialsDirect laborManufacturing overheadWork in process, September 1Direct materialsDirect laborManufacturing overheadTotal costs addedDuring September, 75,000 units were transferred in from the Extruding Department at a cost of $546,250. The Fabricating Departmentadded the following costs:Direct materialsDirect laborManufacturing overhead.Flow of Production UnitsUnits to be accounted forFabricating finished 61,900 units and transferred them to the Packaging Department.At September 30, 30,000 units were still in work-in-process inventory. The degree of completion of work-in-process inventory atSeptember 30 was as follows:Beginning WIP inventoryUnits started this periodTotal units to be accounted forUnits accounted forUnits completed and transferred out:From beginning inventoryStarted and completed currentlyUnits in anding WIP inventoryTotal units accounted forCosts to be accounted forRequired:a. Prepare a production cost report for September using the FIFO.Note: Round "Cost per equivalent unit" to 2 decimal places. Round your final answers to nearest whole number.Costs in beginning WIP inventoryCurrent period costsRequired:a. Prepare a production cost report for September using the FIFO.Note: Round "Cost per equivalent unit" to 2 decimal places. Round your final answers to nearest whole number.Total costs to be accounted forCost per equivalent unit:Prior department costsMaterialsLaborManufacturing overheadCosts accounted for:Costs assigned to units transferred out$ 214,20064,80035,380$ 314,380100%6850MaterialsLaborAmount$ 85,250$ 45,50011,20010,420$ 67,120$ 152,370Costs from beginning WIP inventoryCurrent costs added to complete beginning WIP inventory:Prior department costsManufacturing overheadTotal costs from beginning inventoryCurrent costs of units started and completed:Prior department costsMaterialsLaborManufacturing overheadTotal costs of units started and completedTotal costs of units transferred outCosts assigned to ending WIP inventoryPrior department costsMaterialsLaborManufacturing overheadTotal ending WIP inventoryTotal costs accounted forMERCIER MANUFACTURINGFabricating DepartmentProduction Cost Report-FIFOTotal CostsPhysicalUnits$$Degree ofCompletion$$$$0100%0 $0090%70%35%PriorDepartment MaterialsCosts005$0 $0 $0Labor0 $0 $ManufacturingOverhead0 $0 $0

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Description: Please do not give image format Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier usesthe weighted-average process costing method to account for costs of production in all th

Equivalent units refer to quantity of incomplete units manufactured by the company that is expressed…

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Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier uses the weighted-average process costing method to account for costs of production in all three departments. The following information was obtained for the Fabricating Department for the month of September.

Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier uses the weighted-average process costing method to account for costs of production in all three departments. The following information was obtained for the Fabricating Department for the month of September.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 23E: Using the same data found in Exercise 6.22, assume the company uses the FIFO method. Required:...

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