Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Metal Accessories manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel alloy is the basic raw material of the shaping
Metal Accessories manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel alloy is the basic raw material of the shaping process. The steel is molded according to the design specifications of automobile manufacturers. The Plating Department then adds an anodized finish. At March 31, before recording the transfer of cost from the Plating Department to Finished Goods Inventory, the Metal Accessories general ledger included the following account E(Click the icon to view the T-account and additional data.) Read the requirements. X Data Table The direct materials (rubber pads) are added at the end of the plating process. Conversion costs are incurred evenly throughout the process. Work in process of the Plating Department on March 1 consisted of 1,800 racks. The $33,900 beginning balance of "Work in Process Plating" includes $20,400 of transferred-in cost Work in Process Inventory-Plating March 1 balance 33,900 Transferred-in from Shaping 40,800 27,600 Direct materials and $13,500 of conversion cost. During March, 1,800 racks were transferred in from the Shaping Department. The Plating Department transferred 2,300 racks to Finished Goods Inventory in March, and 1,300 were still in process on March 31. This ending inventory was 50 % of the way through the plating process. Direct labor 22,500 Manufacturing overhead 34,800 Print Done Requirement 1. Fill in the time line for the Plating Department. (Complete all answer boxes.) Complete Start Complete Requirement 2. Prepare the March production cost report for the Plating Department. Before we can start the production cost report we must first compute the Plating Department's equivalent units. (For entries with a zero balance, make sure to enter "0" in the appropriate cell.) Plating Department Equivalent Unit Computations (Weighted-Average) Month Ended March 31 Equivalent Units Flow of Physical Transferred- Direct Conversion Flow of Production Units in Materials Costs Units accounted for Total equivalent units Now we will begin the production cost report by completing the first half of the report. Compute the cost per equivalent unit. (For entries with a S0 balance, make sure to enter "0" in the appropriate column.) Plating Department Cost per Equivalent Unit (Weighted-Average) Month Ended March 31 Transferred- Conversion Direct Materials in Costs Total Cost per equivalent unit Complete the March production cost report by assigning the costs to units completed and transferred out and to ending inventory. (Enter quantities first, Plating Department Month Ended March 31 Assigning Costs Transferred- Direct Conversion Materials Total in Costs Completed and transferred out Ending work in process: Total costs accounted for Requirement 3. Journalize all transactions affecting the Plating Department during March, including the entries that have already been posted. Assume the wages are unp Record the journal entry for the cost of the units transferred in from the Shaping Department. (Record debits first, then aredits. Exclude explanations from any journal entries Journal Entry Date Accounts Debit Credit Record the direct materials, direct labor, and manufacturing overhead too the Plating Department Journal Entry Date Accounts Debit Credit Prepare the journal entry to record the cost of units completed and transferred out Journal Entry Credit Date Accounts Debit Choose from any list or enter any number in the input fields and then continue to the next
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started