Requirement Journalize the transfer of costs to the Finishing Department. (Hint: Complete the five-step process costing procedure to determine how much cost to transfer.)
The following information was taken from the ledger of San Antonio Foundry: : (Click the icon to view the data from October.) (Click the icon for additional information.) Requirement Journalize the transfer of costs to the Finishing Department. (Hint. Complete the five-step process costing procedure to determine how much cost to transfer.) .. We need to begin the five-step process costing procedure by first summarizing the units to account for and computing the equivalent units. Forming Department Equivalent Unit Computation Month Ended October 31 Flow of Equivalent Units Direct Conversion Physical Units Flow of Production Materials Costs Units to account for: Units accounted for: Total equivalent units The next step is calculating the cost per equivalent unit. (Enter the cost per equivalent unit to two decimal places.) Forming Department Cost per Equivalent Unit Month Ended October 31 - Data table $? Work in Process-Forming Beginning inventory, October 1 $ 47,820 Transferred to Finishing Direct materials 193,620 Conversion costs 168,640 Ending inventory Print Done More info The Forming Department had 10,000 partially complete units in beginning work in process inventory. The department started work on 70,000 units during the month and ended the month with 8,000 units still in work in process. These unfinished units were 60% complete as to direct materials but 20% complete as to conversion work. The beginning balance of $47,820 consisted of $21,420 of direct materials and $26.400 of conversion costs. Print Done The following information was taken from the ledger of San Antonio Foundry: : (Click the icon to view the data from October.) Click the icon for additional information.) Requirement Journalize the transfer of costs to the Finishing Department. (Hint. Complete the five-step process costing procedure to determine how much cost to transfer.) .. The next step is calculating the cost per equivalent unit. (Enter the cost per equivalent unit to two decimal places.) Forming Department Cost per Equivalent Unit Month Ended October 31 Direct Conversion Costs Materials Total Cost per equivalent unit Now we can calculate the total cost of the units completed and transferred out and the ending work in process. (Enter quantities first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step.) Assembly Department Month Ended October 31 Assigning Costs Conversion Direct Materials Costs Total Completed and transferred out: The following information was taken from the ledger of San Antonio Foundry: 5 Click the icon to view the data from October.) Click the icon for additional information.) Requirement Journalize the transfer of costs to the Finishing Department. (Hint. Complete the five-step process costing procedure to determine how much cost to transfer.) Now we can calculate the total cost of the units completed and transferred out and the ending work in process. (Enter quantities first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step.) Assembly Department Month Ended October 31 Assigning Costs Direct Conversion Materials Costs Total Completed and transferred out: Ending work in process: Total costs accounted for Finally, journalize the transfer of costs to the Finishing Department. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit
