9. AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first...

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9. AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On May 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 230 pounds was $30,774, determined as follows: Description Direct materials (230 x $123) Conversion (230 x 60% x $18) Total direct materials and conversion Dollar amount $28,290 2,484 30,774 During May, the Casting Department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 2,530 pounds of finished castings to the Machining Department. The May 31 inventory in process was 44% complete as to conversion. a. Prepare the following May journal entries for the Casting Department: i. The materials charged to production ii. The conversion costs charged to production iii. The completed production transferred to the Machining Department b. Determine the Work in Process-Casting Department May 31 balance. C. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). 9. AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On May 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 230 pounds was $30,774, determined as follows: Description Direct materials (230 x $123) Conversion (230 x 60% x $18) Total direct materials and conversion Dollar amount $28,290 2,484 30,774 During May, the Casting Department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 2,530 pounds of finished castings to the Machining Department. The May 31 inventory in process was 44% complete as to conversion. a. Prepare the following May journal entries for the Casting Department: i. The materials charged to production ii. The conversion costs charged to production iii. The completed production transferred to the Machining Department b. Determine the Work in Process-Casting Department May 31 balance. C. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April).

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Answer a Journal Entries for the Casting Department in May Date Account Titles and Explanation Debit ... View the full answer