Instructions Chart of Accounts Journal Final Questions 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 300 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 300 pounds was $45,300, determined as follows 1 $42,600.00 Direct materials (300 $142) Conversion (300 x 60% $15) 2 2,700.00 3 $45,300.00 During May, the Casting Department was charged $342,700 for 2,300 pounds of alloy and $18,080 for direct labor Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 2,400 pounds of finished castings to the Machining Department. The May 31 inventory in process was 20% complete as to conversion Required: a1. On May 1, prepare the joumal 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 a3. 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 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 c. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April)