Compomets, Inc., produces a standard gear for trenchers. The gears are produced in two de¬

partments: Machining and Finishing. The data for the Machining Department are as follows:

Required:
1. Prepare a physical flow schedule.
2. Calculate equivalent units of production for:

a. Raw materials

b. Conversion 3. Calculate unit costs for:

a. Raw materials

b. Conversion

c. Total manufacturing 4. Provide the following information:

a. The total cost of units transferred out

b. The journal entry for transferring costs from Machining to Finishing

c. The cost assigned to units in ending inventory

Transcribed Image Text:

Beginning work in process Units started 185,000 Raw materials cost $925,000 Direct labor cost $183,000 Overhead applied $274,500 Units, ending work in process (100% materials; 80% conversion) 10,000