Chapter 20 - Exercises and Problems work Calculator Cost of Production and Joums Entics Accuelade Castings Inc. casts blades for turbine engine. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. on May 1, there were 1,000 pounds cf alioy in process, which were 30% complete as to conversion. The Work in Process balance for these 1,000 pounds was 586,300, determined as follows: Direct materials (1,000 $280) 580,000 Conversion (1,000 x 30 x $21) 6,300 S96,300 During May, the Casting Department was charged $714,400 for 9,400 pounds of alloy and $75,040 for direct labor Factory overhcad is applied to the department at a rate or 150% of direct abor. The department transferred cut 9,700 pounds of finished castings to the Machining Department. The May 3. Inventory in process was 15% como ctc as to conversion. al. Prepare the Mayjournal entry for the Casting Department for the materials charged to production. Work In Process Casting Department 714400 Materials Alloy 71441 FHH 22. Prepare the way journal entry far the Castro Department for the conversion costs charged to production. If an amount tcx does not require an entry, leave it blank. Work in Process Casting Department 190.110 Wag Puyable 76.00 Factory Overhead-Casting Department 1141 FH 3. Prepare the May jurnal cry for the Casting Deatment for the med production transferred to the Machining Department. Work in Process Machining Department TH, Work in PreCuting Department Fooback b. Determine the Work In Process-Casting Department Ney 31 balance. $ c. Compute the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). Cost per Equivalent Unit Decrease Change in materials Change in conversion Dec Fooback Check My Work