Question
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?
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