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 360 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 360 pounds was $56,800, determined as follows: 1 Direct materials (5605146) Conversion (560 60% $15) 2 $52,560.00 3.240.00 $55,800.00 During May, the Casting Department was charged 5462,000 for 3,000 pounds of alloy and $23.792 for direct labor Factory overhead is appled to the department at a rate of 10% of direct lobor, The department transferred out 3,160 pounds of finished castinge to the Machining Department, The May 31 inventory in process was 16% complete ao to conversion Required: al on May 1, prepare the journal entry for the Casting Department for the materials charped to production a2 On May 31, prepare the journal entry for the Casting Department for the conversion costs charged to production a3 On May 31 Oreore the loumal entry for the Casting Department for the comoleted production transferred to the Machining Department Previous Next During May, the Casting Department was charged $462,000 for 3,000 pounds of alloy and $23,792 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 3, 160 pounds of finished castings to the Machining Department. The May 31 inventory in process was 15% complete as to conversion Required: a1. On May 1, prepare the journal entry for the Casting Department for the materials charged to production a2. On May 31, prepare the journal entry for the Casting Department for the conversion costs charged to production 23. On May 31, prepare the journal entry for the Casting Department for the completed production transferred to the Machining Departmene." *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for youmal explarations. Every line on a journal page is used for debitor credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered b. Determine the Work in Process-Casting Department May 31 balance o Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). Journal a1. 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 les CNOW Journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW Journals will automatically indent a crudt entry when a credit amount is entered PAGES JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST RY DEBIT CATOIT ASSETS LIATI COUITY . 2 Joumal a2 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 titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journais will automatically indent a credit entry when a credit amount is entered PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DET CREDIT ASSETS LABUTIES EQUITY 2 3 Journal 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 the exact wording of the account titles. CNOW journals do not use lines for joumal explanations. Every line on a joumal page is used for debit or credt entries. CNOW Journals will automatically indent a credit entry when a credit amount is entered PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABILITIES TOUTY 1 1 Final Questions b. Determine the Work in Process-Casting Department May 31 balance. c. Compute and evaluate the change in the costs.pereguint unit for direct materials and conversion from the previous month (April). Cost per Equivalent Unit Change in materials Change in conversion S