Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Road Trip manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel alloy is the basic raw material of the shaping

image text in transcribedimage text in transcribedimage text in transcribed

Road Trip manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel alloy is the basic raw material of the shaping process. The steel is moulded according to the design specifications of automobile manufacturers (Ford and General Motors). The Plating Department then adds an anodized finish. At March 31, before recording the transfer of cost from the Plating Department to Finished Goods Inventory, the Road Trip general ledger included the following account: E (Click the icon to view the T-account.) Additional information included: (Click the icon to view the additional data.) Data table Requirements Requirement 1. Fill in the time line for the Plating Department. Work in Process Inventory-Plating March 1 balance 29.450 Transferred-in from Shaping 38,400 Direct materials 28,000 Direct labour 20.750 Manufacturing overhead 39,000 Start Complete Complete Additional information Print Done The direct materials (rubber pads) are added at the end of the plating process. Conversion costs are incurred evenly throughout the process. Work in process of the Plating Department on March 1 consisted of 1,800 racks. The $29,450 beginning balance of Work in ProcessPlating includes $19,200 of transferred-in cost and $10,250 of conversion cost. During March, 1,800 racks were transferred in from the Shaping Department. The Plating Department transferred 2,000 racks to finished goods inventory in March and 1,600 were still in process on March 31. This ending inventory was 50% of the way through the plating process. Requirement 2. Prepare the March production cost report for the Plating Department. Before we can start the production cost report we must first compute the Plating Department's equivalent units. (For entries with a zero balance, make sure to enter "0" in the appropriate cell.) Road Trip Plating Department Equivalent Unit Computations (Weighted-Average) Print Done Flow of Equivalent Units Transferred Direct Physical Units Conversion Costs Flow of Production in Materials Units accounted for: Total equivalent units Now we will begin the production cost report by completing the first half of the report. Compute the cost per equivalent unit. (For entries with a zero balance, make sure to enter "0" in the appropriate column.) - X podized finish. Data table Road Trip manufactures auto roof racks in a two-stage process that includes shaping and plating. Steel alloy is the basic raw material of the shaping process. The steel is moulded according to the design specifications of At March 31, before recording the transfer of cost from the Plating Department to Finished Goods Inventory, the Road Trip general ledger included the following account: E (Click the icon to view the T-account.) Additional information included: (Click the icon to view the additional data.) Requirements Work in Process Inventory-Plating 29,450 38,400 March 1 balance Transferred-in from Shaping Direct materials Direct labour Manufacturing overhead 28,000 Now we will begin the production cost report by completing the first half of the report. Compute the cost per equivalent unit. (For entries with a zero balance, make sure to enter "0" in the appropriate column.) 20,750 39,000 Road Trip Plating Department Production Cost Report (Weighted Average) Transferred Direct Conversion Costs Print Done in Materials Total Cost per equivalent unit Complete the March production cost report by assigning the costs to units completed and transferred out and to ending inventory. (Enter quantities first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step. For entries with a zero balance, make sure to enter "0" in the appropriate cell(s). Round your answers to the nearest whole dollar.) Road Trip X Additional information Plating Department Production Cost Report (Weighted-Average Method) Transferred- Direct Conversion Total in Materials Costs Costs Assignment of total costs: The direct materials (rubber pads) are added at the end of the plating process Conversion costs are incurred evenly throughout the process. Work in process of the Plating Department on March 1 consisted of 1,800 racks. The $29,450 beginning balance of Work in ProcessPlating includes $19,200 of transferred-in cost and $10,250 of conversion cost. During March, 1,800 racks were transferred in from the Shaping Department. The Plating Department transferred 2,000 racks to finished goods inventory in March and 1,600 were still in process on March 31. This ending inventory was 50% of the way through the plating process. Print Done Total cost accounted for Requirement 3. Journalize all transactions affecting the Plating Department during March, including the entries that have already been posted. Record the journal entry for the cost of the units transferred in from the Shaping Department. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Accounts Debit Credit Record the direct materials, direct labour, and manufacturing overhead assigned to the Plating Department. Journal Entry Accounts Date Debit Credit Prepare the journal entry to record the cost of units completed and transferred out. Journal Entry Date Accounts Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Authors: John J. Wild, Ken W. Shaw

2010 Edition

9789813155497, 73379581, 9813155493, 978-0073379586

Students also viewed these Accounting questions