Transferred-in costs, weighted-average (related to 17-35 through 17-37). (Chapter Appendix I) Star Toys manufactures wooden toy figures at its Fredericton plant. It has two departments—the Forming Department and the Finishing Department. Problems 17-35 to 17-37 focused on the Forming Department. Consider now the Finishing Department, which processes the formed toys through hand-shaping and the addition of metal. For simplicity here, suppose all additional direct materials are added at the end of the process. Conversion costs are added evenly during Finishing operations.

$tar Toys uses the weighted-average method of process costing. The following is a summary of the April 2007 operations in the Finishing Department:

Physical Units Transferred-in Direct Conversion

(Toys) Costs Materials Costs Work in process, April 1 * 550 Transferred in during April 2007 2,050 Completed during April 2007 2,150 Work in process, April 30+ 450 Costs added during April 2007

$ 17,750 $ 0 $ 7,250

$102,926 $23,100 $38,400

*Degree of completion: transferred-in costs, 100%; direct materials, 0%; conversion costs, 60%.

Tegree of completion: transferred-in costs, 100%; direct materials, 0%; conversion costs, 30%

Required 1. Summarize the total Finishing Department costs for April 2007, and assign these costs to units completed (and transferred out) and to units in ending work in process using the weighted-average method. Use three decimals for unit costs.
2. Prepare journal entries for April transfers from the Forming Department to the Finishing Department and from the Finishing Department to Finished Goods.