Managerial Accounting

Excel Assignment #3 Spring Because most of the parts for its irrigation systems are standard, Northern Illinois Manufacturing handles the majority of its manufacturing as a process cost system. There are multiple process departments. Three of these departments are the Molding, Cutting and the Welding departments. All items eventually end up in the Package department which prepares items for sale in kits or individually. The following information is available for the Molding department for January: 22,500 80% 30% Work in process beginning: Units in process Stage of completion for materials Stage of completion for labor and overhead Costs in work in process inventory: Materials Labor Overhead Total costs in beginning work in process $174,100 70,500 104,650 $349,250 74,000 71,000 Units started into production in January Units completed and transferred in January Costs added to production: Materials Labor Overhead Total cots added into production in January $926,225 609,476 914,214 $2.449,915 Work in process ending Units in process Stage of completion for materials Stage of completion for labor and overhead 25,500 60% 30% Instructions: Prepare a production cost report for Northern Illinois Manufacturing using the weighted average method and then show the journal entry for transferring the units from Molding to the Welding Department