I NEED INFO FOR FIFO METHOD NOT WEIGHTED AVERAGE AND FOR ASSEMBLY NOT MOLDING
@ Ch 6 Homework , internet Expiorei' provided by Appiied Mateiiali 7 X L3] http://eastcengagenow.c0m/ilrn/takeAssignment/viewAssignmentPrintableM ain.do?assignmentid :10854666008Ltakeld: O 1. Your answer: Problem 6.37 FIFO Method, Two-Department Analysis Muskoge Company uses a processicosting 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: Moldllg Aseny Beginning inventories: Physml nnils 10.000 8.000 Cosls: Transferred in 5 45.200 Direct nuler'als 5 22.000 Conversion costs $ 13.8w 5 16.800 Omen! production: Uuils sinned 25.00!) 'I Units transferred on! 30.000 35,000 Cosis: T ransfcrrcd in 7 Direct materials 3 56.250 5 39.550 Conversion costs $103.56) \"36.500 Percentage ol'wmpielion: Beginning inventory We 50% Ending inventory 3) 50 Req u i red: 1. Using the FIFO method, prepare the following for the Molding Department: e Ch 6 Homework , lnternet Explorer provided by Applied Materials El http://east.cengagenow.com/ilrn/takeAssignment/viewAssignmentPrintableM ain.do?assignmentld :10854666008ttakeld: O 1. Using the FIFO method, prepare the following for the Molding Department: a. A physical ow schedule Muskoge Company Molding Deparlment Physical Flow Schedule (I . Unis started in February (transferred In) Units completed and transferred out me beginning wnrk in process (A Total uniis accounted for b. An equivalent units calculation Total Equivalent Units Direct Materials 25000 Conversion Costs 30000 @ Ch 6 Homework , Internet Explorer provided by Applied Materials 7 X g] http://eastcengagenow.com/ilrn/takeAssignment/viewAssignmentPrintableM ain.do?assignmentld :10854666008Ltakeld: O I l l Ulll b. An equivalent units calculation Total Equivalent Units Direct Materials 25000 Conversion Costs 30000 5. Calculation of unit costs. Round your answer to the nearest cent. $ L per unit d. Cost of ending work in process and cost of goods transferred out. Cost of ending work in process: $ 25050 Cost of goods transferred out: $ 170500 e. A cost reconciliation. Costs to account for: awn: $ 35800 Costs incurred 159750 Total $ 195550 Costs accounted for: Transferred out $ v @ Ch 6 Homework 7 internet Explorer provided by Applied Materials g] http://east.cengagenow.com/ilrn/takeAssignment/viewAssignmentPrintableM ain.do?assignmentid :1085466600&take|d: O Cost of goods transferred out: 3; 170500 e. A cost reconciliation. Costs to account for: BWIP $ 35800 Costs incurred 159750 Total $ 195550 Costs accounted for: Transferred out $ 170500 Ending work in process 25050 Total $ 195550 2. Prepare journal entries that show the ow 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. Work in Process-Molding 9 56250 Materials Inventory 9 56250 w @ Ch 6 Homework 7 Internet Explorer provided by Applied Materials 7 x http://east.cengagenow.c0m/ilrn/takeAssignment/viewAssignmentPrintableM ain.do?assignmentld :10854666008Ltakeld: 0 2. Prepare journal entries that show the ow 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. work in ProcessiMnldIng 56250 Materials Invemary E 56250 work in PraUeSSrMnlding E 103500 , 6 Conversion Costsioontrol al 103500 work in Processikssemhly al 170500 wark in PmCESSrMnlding q 170500 3. Repeat Requirements 1 and 2 for the Assembly Department. a. A physical ow schedule e Ch 6 Homework , Iniernet Explorer provided by Applied Maierials 7 x El http://eastcengagenow.com/ilrn/takeAssignment/viewAssignmentPrintableM ain.do?assignmentld :10854666008ttakeld: O 3. Repeat Requirements 1 and 2 for the Assembly Department. a. A physical ow schedule Muskoge Company Assembly Department Physical Flow Schedule 3! Units started in February (transferred In) Uniis completed and lransfen'ed out: (1 Hum beginning wnrk in process g 3! Total uniis accounted for b. An equivalent units calculation. Total Eq 'valent Units @ Ch 6 Homework , Internet Explorer provided by Applied Materials 7 X g] http://eastcengagenow.com/ilrn/takeAssignment/viewAssignmentPrintableM ain.do?assignmentld :10854666008Ltakeld: O b. An equivalent units calculation. A Total Equivalent Units Direct Materials 37500 Conversion Costs 32500 Transferred In 35000 c. Unit cost calculation. If required, round your intermediate computations and final answer to four decimal places and use the rounded answer in subsequent computations. $ 6.35 per unit d. Compute the following. For interim computations, carry amounts out to four decimal places. Round your nal answers to the nearest dollar. Cost of ending work in process: 35 25050 Cost of goods transferred out: $ 134700 e. A cost reconciliation. When necessary, round equivalent cost per unit to four decimal places, and round all other amounts to the nearest dollar. Costs to account for: own: $ blank Costs incurred blank Total $ blank Costs accounted for: Transferred out 3; blank Ending work in process blank Tota | $ V @ Ch 6 Homework , Internet Explorer provided by Applied Materials 7 x L'l http://east.cengagenow.com/ilrn/takeAssignment/viewAssignmentPrintableM ain.do?assignmentld :10854666008Ltakeld: O A Costs to account for: BWIP 15 blank Costs incurred blank Total 15 blank Costs aocounted for: Transferred out $ blank Ending work in process blank Total 15 blank Note: Cost reconciliation totals differ by $1 due to rounding error. Prepare journal entries that show the ow of manufacturing 00st 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. @ Ch 6 Homework , Internet Explorer provided by Applied Materials 7 x L'Ll http://east.cengagenow.c0m/ilrn/takeAssignment/viewAssignmentPrintableM ain.do?assignmentld :10854666008Ltakeld: 0 ......._..e...... out ,. M A Ending work in process m Total 15 blank Note: Cost reconciliation totals differ by $1 due to rounding error. Prepare journal entries that show the ow 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. blank 6 blank 6! . blank 5' blank I 6 blank a blank blank 6 blank I blank 9 blank
