Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Muskoge Company manufactures a product that goes through two processes: Assembly and Painting. In the Assembly Process, direct materials are added at the beginning of

Muskoge Company manufactures a product that goes through two processes: Assembly and Painting. In the Assembly Process, direct materials are added at the beginning of the process; in the Painting Process, direct materials are added at the end of the process.

Assembly Painting

Beginning inventories:

Physical units 10,000 8,000

Costs:

Transferred in -------- $45,200

Direct materials $22,000 --------

Conversion costs $13,800 $16,800

Current Production:

Units started 25,000 ?

Units transferred out 30,000 35,000

Costs:

Transferred in -------- ?

Direct materials $56,250 $39,550

Conversion costs $103,500 $136,500

Percentage of completion for conversion costs:

Beginning inventory 40% 50%

Ending inventory 80% 50%

Required(Show work)

A) Prepare a production cost report for the assembly process using weighted-average costing.

B) What journal entry would be made after preparing the production cost report for the assembly process?

C) Prepare a production cost report for the painting process using weighted-average costing.

D) What journal entry would be made after preparing the production cost report for the painting process?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions