Question
Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct
Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February:
Molding | Assembly | |||
Beginning inventories: | ||||
Physical units | 10,000 | 8,000 | ||
Costs: | ||||
Transferred in | $45,300 | |||
Direct materials | $22,000 | |||
Conversion costs | $13,800 | $20,450 | ||
Current production: | ||||
Units started | 25,000 | ? | ||
Units transferred out | 30,000 | 35,000 | ||
Costs: | ||||
Transferred in | ? | |||
Direct materials | $56,400 | $39,550 | ||
Conversion costs | $103,500 | $140,150 | ||
Percentage of completion: | ||||
Beginning inventory | 40% | 50% | ||
Ending inventory | 80 | 50 |
Required:
Question Content Area
1. Using the weighted average method, prepare the following for the Molding Department:
a. A physical flow schedule
Molding Department, Physical flow schedule: | |
Units to account for: | blank |
Started and completedUnits, beginning work in processUnits, ending work in processUnits, beginning work in process | Units, beginning work in process |
Started and completedUnits, ending work in processUnits started in FebruaryUnits started in February | Units started in February |
Total units to account for | fill in the blank 8b2d03fddf9906a_5 |
Units accounted for: | blank |
Units completed and transferred out: | |
Started and completedUnits, beginning work in processUnits started in FebruaryUnits, beginning work in process | Units, beginning work in process |
From beginning work in processTotal units accounted forUnits completedUnits transferred outUnits completed | Units completed |
Units, beginning work in processUnits, ending work in processUnits started in FebruaryUnits, ending work in process | Units, ending work in process |
Total units accounted for | fill in the blank 8b2d03fddf9906a_12 |
Question Content Area
b. An equivalent units calculation
Total equivalent units | |
Direct Materials | fill in the blank b29f69079052fd6_1 |
Conversion Costs | fill in the blank b29f69079052fd6_2 |
c. Calculation of unit costs. Round your intermediate computations and final answer to four decimal places. $fill in the blank b29f69079052fd6_3 per unit
d. Calculate the cost of ending work in process and cost of goods transferred out. Round your answers to the nearest dollar. Cost of ending work in process: $fill in the blank b29f69079052fd6_4 Cost of goods transferred out: $fill in the blank b29f69079052fd6_5
e. A cost reconciliation. When required, round your answers to the nearest dollar.
Costs to account for: | |
---|---|
Beginning work in process | $fill in the blank b29f69079052fd6_6 |
Costs incurred | fill in the blank b29f69079052fd6_7 |
Total costs to account for | $fill in the blank b29f69079052fd6_8 |
Costs accounted for: | |
---|---|
Transferred out | $fill in the blank b29f69079052fd6_9 |
Ending work in process | fill in the blank b29f69079052fd6_10 |
Total costs accounted for | $fill in the blank b29f69079052fd6_11 |
Question Content Area
2. Prepare journal entries that show the flow of manufacturing costs for the Molding Department. (a) Materials are added at the beginning of the process, (b) conversion costs are recorded, and (c) units are transferred to the Assembly Department. When required, round your answers to the nearest dollar.
a. | Conversion Costs-ControlFinished GoodsMaterials InventoryWork in Process-Molding | - Select - | |
Accounts PayableCashMaterials InventoryOverhead ControlWork in Process-Assembly | - Select - | ||
b. | CashConversion Costs-ControlFinished GoodsMaterials InventoryWork in Process-Molding | - Select - | |
Accounts PayableCashConversion Costs-ControlOverhead ControlWork in Process-Assembly | - Select - | ||
c. | CashConversion Costs-ControlFinished GoodsMaterials InventoryWork in Process-Assembly | - Select - | |
CashConversion Costs-ControlMaterials InventoryWork in Process-AssemblyWork in Process-Molding | - Select - |
Question Content Area
3. Repeat Requirements 1 and 2 for the Assembly Department.
a. A physical flow schedule:
Assembly Department, Physical flow schedule: | |
Units to account for: | blank |
Started and completedUnits, beginning work in processUnits, ending work in process | - Select - |
Started and completedUnits, ending work in processUnits started in February (transferred in) | - Select - |
Total units to account for | fill in the blank 7084fbf77fdaf83_5 |
Units accounted for: | blank |
Units completed and transferred out: | |
Started and completedUnits, beginning work in processUnits started in February (transferred in) | - Select - |
From beginning work in processTotal units accounted forUnits completedUnits transferred out | - Select - |
Units, beginning work in processUnits, ending work in processUnits started in February (transferred in) | - Select - |
Total units accounted for | fill in the blank 7084fbf77fdaf83_12 |
Question Content Area
b. An equivalent units calculation
Total Equivalent Units | |
Direct Materials | fill in the blank 6adcb502ffd005f_1 |
Conversion Costs | fill in the blank 6adcb502ffd005f_2 |
Transferred In | fill in the blank 6adcb502ffd005f_3 |
c. Calculate the total unit costs. Round your intermediate computations and final answer to four decimal places. $fill in the blank 6adcb502ffd005f_4 per unit
d. Calculate the cost of ending work in process and cost of goods transferred out. Round your answers to the nearest dollar. Cost of ending work in process: $fill in the blank 6adcb502ffd005f_5 Cost of goods transferred out: $fill in the blank 6adcb502ffd005f_6
e. A cost reconciliation. If required, round your answers to the nearest dollar.
Costs to account for: | |
---|---|
Beginning work in process | $fill in the blank 6adcb502ffd005f_7 |
Costs incurred | fill in the blank 6adcb502ffd005f_8 |
Total costs to account for | $fill in the blank 6adcb502ffd005f_9 |
Costs accounted for: | |
---|---|
Transferred out | $fill in the blank 6adcb502ffd005f_10 |
Ending work in process | fill in the blank 6adcb502ffd005f_11 |
Total costs accounted for | $fill in the blank 6adcb502ffd005f_12 |
Note: Cost reconciliation totals differ due to rounding error.
Question Content Area
Prepare journal entries that show the flow of manufacturing costs for the Assembly Department. (a) Materials are added at the end of the process, (b) conversion costs are recorded, and (c) the units are transferred to Finished Goods.
a. | CashConversion Costs-ControlMaterials InventoryWork in Process-AssemblyWork in Process-Molding | - Select - | |
Accounts PayableCashFinished GoodsMaterials InventoryWork in Process-Molding | - Select - | ||
b. | CashConversion Costs-ControlMaterials InventoryWork in Process-AssemblyWork in Process-Molding | - Select - | |
CashConversion Costs-ControlCost of Goods SoldFinished GoodsWork in Process-Molding | - Select - | ||
c. | Accounts PayableCashConversion Costs-ControlFinished GoodsMaterials Inventory | - Select - | |
Accounts PayableCashFinished GoodsWork in Process-AssemblyWork in Process-Molding | - Select - |
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