Refer to the data in Problem 6.36.
In exercise Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February:

Required:
Repeat the requirements in Problem 6.36 using the FIFO method.
In Exercise
1. Using the weighted average method, prepare the following for the Molding Department:
a. A physical flow schedule
b. An equivalent units calculation
c. Calculation of unit costs. Round to four decimal places.
d. Cost of ending work in process and cost of goods transferred out
e. A cost reconciliation
2. Prepare journal entries that show the flow of manufacturing costs for the Molding Department. Materials are added at the beginning of the process.
3. Repeat Requirements 1 and 2 for the Assembly Department.

Transcribed Image Text:

Molding Assembly Beginning inventories Physical units Costs: 10,000 Transferred in Direct materials Conversion costs 8,000 S 45,200 S16,800 22,000 13,800 Current production: Units started Units transferred out Costs: 25,000 30,000 35,000 Transferred in Direct materials Conversion costs 56,250 $103,500 S 39,550 $136,500 Percentage of completion: Beginning inventory Ending inventory 40% 80 50