Please help me solve this comprehensive problem! 
Comprehensive Problem Two focuses on Process Cost Accounting. Complete the requirements for Pirate Manufacturing Company given the following information. Use the FIFD Method to assign costs. Pirate Manufacturing Company is a maker of plastic figurine collectibles for the sports and entertainment industries, and they use process costing [FIFQ Method to assign cost flows]. Pirate Manufacturing produces their goods by having them pass through a molding process and then through an assembly process. Information related to its manufacturing activities for the month Julu are as follows: Requirements: 1.) Compute the equivalent units of production for the molding department for July and determine the costs per equivalent unit fo direct materials, direct labor, and manufacturing overhead. (Use the Five Step Worksheet to solve) 2.] Compute the cost of the units transferred from molding to assembly in July and the cost of the ending work in process inventory for the molding department. (Use the Five Step Worksheet to solve) 3.) Prepare summary journal entries to record the transactions and events of July for: a. Raw materials purchases b. Direct materials usage (record both departments in one summary entry) c. Indirect materials usage (Pirate only uses one Factory Qverhead account for all departments) d. Factory payroll costs e. Direct labor usage f. Indirect labor usage g. Dther overhead costs (credit Dther Accounts) h. Application of overhead to the two departments i. Transfer of partially completed goods from molding to assembly i. Transfer of finished goods out of assembly k. Cost of goods sold Requirement 1 Complete the following items by placing your answers in the white boxes. Please note that some items are auto-summed. 1.) Compute the equivalent units of production for the molding department for July and determine the costs per equivalent unit for direct materials, direct labor, and manufacturing overhead. (Use the Five Step Worksheet to solve) 2.) Compute the cost of the units transferred from molding to assembly in July and the cost of the ending work in process inventory for the molding department. (Use the Five Step Worksheet to solve) (Step 1) (Step 2) Equivalent Units Factory Flow of Production - Molding Department Dhysical Units Direct Materials Direct Labor Overhead Work in Process, Beginning Started during current period Units to account for Units completed and transferred out From beginning work in process Started and completed Ending work in process Units accounted for Equivalent units of work done to date Total Production Costs (Autosum) Costs To Account For: Work in Process, Beginning (Step 3) (Disregard for FIFO Method-Place total in Step 5) Costs added in current period Total costs to account for (Step 4) Costs added in current period Equivalent units of work done in current period Cost per equivalent unit of work done in current period (Step 5) Assignment of costs: Completed and transferred out: Work in process, beginning Costs added to beginning work in process Total from beginning inventory Started and completed in current period Total costs of units completed and transferred out Work in process, Ending Total costs accounted for Requirement 3 Prepare summai (Disregard dates h. Application of overhead to the two departments i. Transfer of partially completed goods from molding to assembly j. Transfer of finished goods out of assembly k. Cost of goods sold Comprehensive Problem Two focuses on Process Cost Accounting. Complete the requirements for Pirate Manufacturing Company given the following information. Use the FIFD Method to assign costs. Pirate Manufacturing Company is a maker of plastic figurine collectibles for the sports and entertainment industries, and they use process costing [FIFQ Method to assign cost flows]. Pirate Manufacturing produces their goods by having them pass through a molding process and then through an assembly process. Information related to its manufacturing activities for the month Julu are as follows: Requirements: 1.) Compute the equivalent units of production for the molding department for July and determine the costs per equivalent unit fo direct materials, direct labor, and manufacturing overhead. (Use the Five Step Worksheet to solve) 2.] Compute the cost of the units transferred from molding to assembly in July and the cost of the ending work in process inventory for the molding department. (Use the Five Step Worksheet to solve) 3.) Prepare summary journal entries to record the transactions and events of July for: a. Raw materials purchases b. Direct materials usage (record both departments in one summary entry) c. Indirect materials usage (Pirate only uses one Factory Qverhead account for all departments) d. Factory payroll costs e. Direct labor usage f. Indirect labor usage g. Dther overhead costs (credit Dther Accounts) h. Application of overhead to the two departments i. Transfer of partially completed goods from molding to assembly i. Transfer of finished goods out of assembly k. Cost of goods sold Requirement 1 Complete the following items by placing your answers in the white boxes. Please note that some items are auto-summed. 1.) Compute the equivalent units of production for the molding department for July and determine the costs per equivalent unit for direct materials, direct labor, and manufacturing overhead. (Use the Five Step Worksheet to solve) 2.) Compute the cost of the units transferred from molding to assembly in July and the cost of the ending work in process inventory for the molding department. (Use the Five Step Worksheet to solve) (Step 1) (Step 2) Equivalent Units Factory Flow of Production - Molding Department Dhysical Units Direct Materials Direct Labor Overhead Work in Process, Beginning Started during current period Units to account for Units completed and transferred out From beginning work in process Started and completed Ending work in process Units accounted for Equivalent units of work done to date Total Production Costs (Autosum) Costs To Account For: Work in Process, Beginning (Step 3) (Disregard for FIFO Method-Place total in Step 5) Costs added in current period Total costs to account for (Step 4) Costs added in current period Equivalent units of work done in current period Cost per equivalent unit of work done in current period (Step 5) Assignment of costs: Completed and transferred out: Work in process, beginning Costs added to beginning work in process Total from beginning inventory Started and completed in current period Total costs of units completed and transferred out Work in process, Ending Total costs accounted for Requirement 3 Prepare summai (Disregard dates h. Application of overhead to the two departments i. Transfer of partially completed goods from molding to assembly j. Transfer of finished goods out of assembly k. Cost of goods sold
