Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please answer B1, B2, B3, B4, and B5 Problem 18.7A Process Costing through Two Departments (L018-2, LO18-3, LO18-4, LO18-5) Hound Havens produces plastic doghouses as

image text in transcribed
image text in transcribed
Please answer B1, B2, B3, B4, and B5
Problem 18.7A Process Costing through Two Departments (L018-2, LO18-3, LO18-4, LO18-5) Hound Havens produces plastic doghouses as part of a continuous process through two departments: Molding and Finishing. Direct materials and conversion are added throughout the month in both departments, but at different rates. The information presented was compiled at the end of April. Molding Department Finishing Department 2,80e 5,000 $ 33, 340 11,180 $ 125, eee 15,800 6, eee Beginning Inventories (on April 1): Physical units in production carried forward from March 31 Costs: Transferred Molding costs carried forward from March 31 Direct materials costs carried forward from March 31 Conversion costs carried forward from March 31 Current Production (in April): Units started during April Units in ending inventories as of April 30 Costs: Molding costs transferred to Finishing during April Direct materials costs incurred in April Conversion costs incurred in April Percentage of Completion: Inventories with respect to direct materials on April 1 Inventories with respect to conversion on April 1 Inventories with respect to direct materials on April 30 48,200 3,400 > 2, eee $ 669,209 521,840 ? $ 496, eee 147,600 90% 3e 80% 30% 40 25% Inventories with respect to direct materials on April 1 Inventories with respect to conversion on April 1 Inventories with respect to direct materials on April 30 Inventories with respect to conversion on April 30 90% 30 80% 20 30% 40 25% 30 Required: a. Complete the following requirements for the Molding Department 1. Prepare a schedule showing units started and completed in the Molding Department during April 2. Compute the equivalent units of direct materials and conversion for the Molding Department in April. 3. Determine the cost per equivalent unit of input resource for the Molding Department during April 4. Prepare the summary journal entry required to transfer units from the Molding Department to the Finishing Department during April. 5. Compute the costs assigned to ending inventory in the Molding Department on April 30. b. Complete the following requirements for the Finishing Department 1. Prepare a schedule showing units started and completed in the Finishing Department during April. 2. Compute the equivalent units of direct materials and conversion for the Finishing Department in April. Direct materials include both those transferred in from the Molding Department and those added by the Finishing Department 3. Determine the cost per equivalent unit of input resource for the Finishing Department during April 4. Prepare the summary journal entry required to transfer units from the Finishing Department to Finished Goods Inventory during April 5. Compute the costs assigned to ending inventory in the Finishing Department on April 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored 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

Recommended Textbook for

The Organisational Change Audit

Authors: Ralph Houston

1st Edition

1907766014, 978-1907766015

More Books

Students also viewed these Accounting questions