**MUST BE ABLE TO COMPLETE ALL**

#1) Wilbury Company manufactures a nutrient, Everlife, through two manufacturing processes: Blending and Packaging. All materials are entered at the beginning of each process. On August 1, 2017, inventories consisted of Raw Materials $5,000, Work in ProcessBlending $0, Work in ProcessPackaging $3,945, and Finished Goods $7,500. The beginning inventory for Packaging consisted of 500 units, two-fifths complete as to conversion costs and fully complete as to materials. During August, 9,000 units were started into production in Blending, and the following transactions were completed.

1. Issued raw materials for production: Blending $18,930 and Packaging $9,140.

2. Used factory labor: Blending $15,320 and Packaging $10,450.

3. Applied manufacturing overhead at the rate of $28 per machine hour. Machine hours were Blending 900 and Packaging 300.

4. Transferred 8,200 units from Blending to Packaging at a cost of $44,940.

5. Transferred 8,600 units from Packaging to Finished Goods at a cost of $67,490

Instructions: Journalize the highlighted August transactions. (Transactions crossed out have already been completed for you).

#2) Steiner Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department, fiberglass is heated and shaped into the form of a ski. In the Packaging Department, the skis are placed in cartons and sent to the finished goods warehouse. Materials are entered at the beginning of both processes. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department for January 2017 are presented below

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Instructions

(a) Compute the physical units of production.

(b) Determine the equivalent units of production for materials and conversion costs.

(c) Compute the unit costs of production.

(d) Determine the costs to be assigned to the units transferred out and in process.

(e) Prepare a production cost report for the Molding Department for the month of January.

(E)

Credit Date 1 Account Name Raw Materials Inventory Accounts Payable Debit 25,000 25,000 3 25,770 Factory Labor Factory Wages Payable 25,770 5 36,500 Manufacturing Overhead Accounts Payable 36,500 9 90,000 90,000 Accounts Receivable Work In Process - Packaging Cost of Goods Sold Finished goods Inventory 9 62,000 62,000 Production Data Beginning work in process units Units started into production Ending work in process units Percent complete - ending inventory January -0- 50,000 2,500 40% Cost Data Materials Labor Overhead Total January $510,000 92,500 150,000 $752,500 (a) Physical Units: Units to be accounted for: Total Units Units accounted for: Total Units (b) Equivalent Units: Materials Costs Work in Process Jan 31 Total Equivalent Units Unit Costs Costs accounted for: Work in process, Jan 31: Total costs STEINER CORPORATION Molding Department Production Cost Report For the Month Ended January 31, 2017 Quantities Physical Units (Step 1) Equivalent Units Materials Conversion Costs (Step 2) Units to be accounted for: Work in process, Jan 1 0 50,000 50,000 Total units Units accounted for: Transferred out Work-in-process, Jan 31 Total units Equivalent Units Conversion Materials Costs Physical Units Costs Total Units costs: Total costs (step 3) Equivalent units Unit costs a (b) (a) (b) Costs to be accounted for: Work in process, Jan 1 Total costs Costs Reconciliation Schedule (Step 4) 1 Costs to be accounted for: Transferred out Work in process. Jan 1 Materials Conversion costs Total costs