Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 260 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 260 pounds was $37,180, determined as follows:

1

Direct materials (260 $134)

$34,840.00

2

Conversion (260 60% $15)

2,340.00

3

$37,180.00

During May, the Casting Department was charged $276,000 for 2,000 pounds of alloy and $19,540 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 2,060 pounds of finished castings to the Machining Department. The May 31 inventory in process was 25% complete as to conversion.

Required:

A.
(1) On May 1, prepare the journal entry for the Casting Department for the materials charged to production.*
(2) On May 31, prepare the journal entry for the Casting Department for the conversion costs charged to production.*
(3) On May 31, prepare the journal entry for the Casting Department for the completed production transferred to the Machining Department.*
* Refer to the Chart of Accounts for exact wording of account titles.
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).

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Environmental Audits

Authors: Cliff VanGuilder

1st Edition

1938549600, 978-1938549601

More Books

Students also viewed these Accounting questions

Question

What does the start( ) method defined by Thread do?

Answered: 1 week ago