Cost of Production and Journal Entries Instructions Chart of Accounts Journal Instructions 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 340 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 340 pounds was $53,448, delturmined as follows: 1 $51,000.00 Direct materials (340 * $150) Conversion (340 * 60% * $12) 2 2,448.00 $53,448.00 3 Journal al. On May 1, prepare the journal entry for the Casting Department for the materials charged to production Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use ines for journal explanations. Every fine on a journal page is used for detut or credit entries CNOW journals wir automatically indent a cracie entry when a credit amount is entered. WGE 10 JOURNAL ACCOUNTING EQUATION OT CREDIT ASSETS LILITES GUITY DATE DESCRIPTION POST RY 1 2. On May 31, prepare the journal entry for the Casting Department for the conversion costs charped to production. Refer to the chart of accounts for the react wording of the account tles. CNOW Journals do not use lines for journal explanations. Every ine on a journal page is used for debitor credit entries CNOW Juma's wortically ident wound 2. On May 31, prepare the journal entry for the Casting Department for the conversion costs charged to production Refer to the chart of accounts for the exact wording of the account hos CNOW joumals do not use Ines for journal explanations. Every ine on a journal page is used for debit or creditores. CNOW Journals will automatically indenta credi entry when a credit amount is entered PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. RET DERIT CREDIT AUCTS LAUTIES QUITY 1 2 13. 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 ax. 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 the exact wording of the account folos. CNOW jumals do not use ines for your explorations. Every ine on a journal page is used for debitor credt entres. CNOW Journal will automatically indent a credit entry when a credit amount is entered NGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRE DOIT CREDIT LIABILITIES ATTY Cost of Production and Journal Entries Instructions Chart of Account Journal Final Questions b. Determine the Work in Process Casting Department May 31 balance e Compute and evaluate the change in the costs. Recoletunt for direct materials and conversion from the previous month (oril). Cost per Equivalent Unit Change in materials Change in conversion Decrease Increase Instructions During May, the Casting Department was charged $379,200 for 2.400 pounds of alloy and $19,088 for Grect labor. Factory overhead is applied to the department state of 150% of direct labor. The department transferred out 2.540 pounds of finished castings to the Machining Department. The May 31 Inventory in process was 25% complete us to convinion Required: a1. On May 1, prepare the journal entry for the Casting Department for the materials charged to production 12 on May 31, prepare the journal entry for the Casting Department for me conversion costs charged to production 33. 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 the exact wording of the account sites. CNOW joumale do not use lines for journal explanations. Every in on a journal page is used for debitor credit entries. CNOW Journals will automatically indent a cradt entry when a croche amount as entered b. Determine the Work in Process-Casting Department May 31 balance c. Compute and evaluate the change in the costs Youturor for direct materials and conversion from the previous month (AoN)
