Process Costing through Two Departments

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

Beginning Inventories $($on April $1)$:

Physical units in production carried forward from March $312,8005,000$

Costs:

Transferred Molding costs carried forward from March $31$ $$125,000$

Direct materials costs carried forward from March $31$ $$33,34015,000$

Conversion costs carried forward from March $3111,1806,000$

Current Production $($in April$)$:

Units started during April $48,200?$

Units in ending inventories as of April $303,4002,000$

Costs:

Molding costs transferred to Finishing during April $?$

Direct materials costs incurred in April $$669,200$ $$496,000$

Conversion costs incurred in April $521,840147,600$

Percentage of Completion:

Inventories with respect to direct materials on April $190\%30\%$

Inventories with respect to conversion on April $13040$

Inventories with respect to direct materials on April $3080\%25\%$

Inventories with respect to conversion on April $302030$

Instructions

Complete the following requirements for the Molding Department.

Prepare a schedule showing units started and completed in the Molding Department during April.

Compute the equivalent units of direct materials and conversion for the Molding Department in April.

Determine the cost per equivalent unit of input resource for the Molding Department during April.

Prepare the summary journal entry required to transfer units from the Molding Department to the Finishing Department during April.

Compute the costs assigned to ending inventory in the Molding Department on April $30.$

Complete the following requirements for the Finishing Department.

Prepare a schedule showing units started and completed in the Finishing Department during April.

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.

page $843$Determine the cost per equivalent unit of input resource for the Finishing Department during April.

Prepare the summary journal entry required to transfer units from the Finishing Department to Finished Goods Inventory during April.

Compute the costs assigned to ending inventory in the Finishing Department on April $30.$