about the acctg question. the problem is the below
1. Process Costs: Spoilage; FIFO and Weighted Average. (CPA adapted). The King Process Company manufacturers one product, processing it through two processes No. I and No. 2. For each unit of Process No. I output, 2 units of raw material X are put in at the start of the processing. For each unit of Process No. 2 output, 3 cans of raw material Y are put in at the end of processing. Two pounds of Process No. I output are placed in at the start of Process No. 2 for each unit of finished goods started. Spoilage generally occurs in Process No. 2 when processing is approximately 50 percent complete. In-process accounts are maintained for raw materials, conversion costs, and prior department costs. The company uses FIFO basis for inventory valuation for Process No. I and finished goods, and average cost for inventory valuation for Process No . 2. Data for March: 1. Units transferred: From Process No. I to Process No. 2 2, 200 From Process No. 2 to finished goods 900 From finished goods to cost of goods sold 600 2. Units spoiled in Process No. 2 - 100 3. Raw-material unit costs: X-$1.51 per unit; Y - $2.00 per can 4. Conversion costs: Process No. I - $3, 344; Process No. 2 - $4, 010 5. Spoilage recovery: $ 100 (treated as cost reduction) PROCESS NO.1 PROCESS NO.2 FIN GOODS INITIAL FINAL INITIALFINAL INITIAL FINAL Units 200 300 200 300 700 1,000 Fraction complete Conversion costs 1/2 1/3 1/2 2/3 Valuation: $13,300 Materials $560 0 Conversion costs $108 $390 Prior-department costs $2.2001. Units transferred: From Process No. I to Process No . 2 2, 200 From Process No . 2 to finished goods 900 From finished goods to cost of goods sold 600 2. Units spoiled in Process No. 2 - 100 3. Raw-material unit costs: X - $1.51 per unit; Y - $2.00 per can 4. Conversion costs: Process No. I - $3, 344; Process No . 2 - $4, 010 5. Spoilage recovery: $ 100 (treated as cost reduction) PROCESS NO. 1 PROCESS NO.2 FIN GOODS INITIAL FINAL INITIAL FINAL INITIAL FINAL Units 200 300 200 300 700 1,000 Fraction complete Conversion costs 1/2 1/3 1/2 2/3 Valuation: $13,300 Materials $560 0 Conversion costs $108 $390 Prior-department costs $2,200 Required: Journalize March entries to record the transfer of costs from Process No. 1 to Process No..2_from Process No.2 to finished goods, and from finished goods to cost of goods sold. Prepare schedules of computations to support your entries. Regard spoilage as normal spoilage