Randolph Company uses a process costing system to account for the manufacture of its only product - the B-Box. There is just one department process to complete the product. The units are started in the Assembly Department. When they are completed in that department they are transferred to finished goods inventory.
Randolph Company uses the FIFO method. Materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the period in both departments.
Information for both departments for March and April is given below:
Required:
1. Prepare a production cost report for the month of March. Use the format shown in the PowerPoint presentation.
2. Prepare a production cost report for the month of April. Use the format shown in the PowerPoint presentation.