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I have provided all the information needed for this problem with most of the questions already answered. I need help on the last part QUESTION
I have provided all the information needed for this problem with most of the questions already answered.
I need help on the last part
QUESTION 3 -- PART "D" and "E", and the journal entries at the end.
Weighted Average Method, Journal Entries Muskoge Company uses a process costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February: Molding Assembly Beginning inventories: Physical units 10,000 8,000 $45,300 $22,000 $13,800 $20,450 25,000 ? 30,000 35,000 Costs: Transferred in Direct materials Conversion costs Current production: Units started Units transferred out Costs: Transferred in Direct materials Conversion costs Percentage of completion: Beginning inventory Ending inventory ? $56,400 $40,250 $106,900 $140,150 40% 50% 80 50 1. Using the weighted average method, prepare the following for the Molding Department: a. A physical flow schedule Molding Department, Physical flow schedule: Units to account for: Units, beginning work in process Units started in February 10,000 25,000 35,000 Total units to account for Units accounted for: Units completed and transferred out: Started and completed 20,000 10,000 From beginning work in process Units, ending work in process 5,000 Total units accounted for 35,000 Feedback Check My Work b. An equivalent units calculation Total equivalent units Direct Materials 35,000 Conversion Costs 34,000 c. Calculation of unit costs. Round your intermediate computations and final answer to four decimal places. 5.79 per unit d. Calculate the cost of ending work in process and cost of goods transferred out. Round your answers to the nearest dollar. Cost of ending work in process: $ 25,400 Cost of goods transferred out: $ 173,700 e. A cost reconciliation. When required, round your answers to the nearest dollar. Costs to account for: Beginning work in process $ 35,800 Costs incurred 163,300 Total costs to account for $ 199,100 Costs accounted for: Transferred out 173,700 Ending work in process 25,400 Total costs accounted for 199,100 Feedback Check My Work 2. Prepare journal entries that show the flow of manufacturing costs for the Molding Department. (a) Materials are added at the beginning of the process, (b) conversion costs are recorded, and (c) units are transferred to the Assembly Department. When required, round your answers to the nearest dollar. a. Work in Process-Molding 56,400 Materials Inventory 56,400 106,900 b. Work in Process-Molding Conversion Costs-Control 106,900 Work in Process-Assembly C. 173,700 Work in Process-Molding 173,700 3. Repeat Requirements 1 and 2 for the Assembly Department. a. A physical flow schedule: Assembly Department, Physical flow schedule: Units to account for: Units, beginning work in process Units started in February (transferred in) 8,000 30,000 38,000 Total units to account for Units accounted for: Units completed and transferred out: Started and completed 27,000 8,000 From beginning work in process Units, ending work in process 3,000 Total units accounted for 38,000 Feedback Check My Work 3. Read the problem carefully. There are some differences in how the material additions are accounted for. b. An equivalent units calculation Total Equivalent Units Direct Materials 35,000 Conversion Costs 36,500 Transferred In 38,000 C. Calculate the total unit costs. Round your intermediate computations and final answer to four decimal places. $ 11.3132 per unit d. Calculate the cost of ending work in process and cost of goods transferred out. Round your answers to the nearest dollar. Cost of ending work in process: $ 398,005 x Cost of goods transferred out: $ e. A cost reconciliation. If required, round your answers to the nearest dollar. Costs to account for: Beginning work in process 62,000 X Costs incurred 353,400 x Total costs to account for 415,400 X Costs accounted for: Transferred out Ending work in process Total costs accounted for Note: Cost reconciliation totals differ due to rounding error. Feedback Check My Work Prepare journal entries that show the flow of manufacturing costs for the Assembly Department. (a) Materials are added at the end of the process, (b) conversion costs are recorded, and (c) the units are transferred to Finished Goods. a. b. CStep by Step Solution
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