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WORD PROBLEM

PART A QUESTION

B,C,D

E

PART 2

PART 3

ssment 2 (Ch 6) FIFO Method, Two-Department Analysis Muskeage Company uses a process-casting system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, corwersion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summates the production activ and costs for February Molding Assembly Beginning invertories Physical units 10,000 8,000 Costs Transferred in $45,400 Direct materials $22,000 Conversion costs $13,800 $16,900 Current production Units started 25,000 > Units transferred out 30,000 35,000 ? $56,750 $40,250 Costs: Transferred in Direct materials Conversion costs Percentage of completion: Beginning Inventory Ending Inventory $106,500 $143,000 40% 50% 80 50 1. Using the FIFO method, prepare the following for the Molding Department: a. A physical flow schedule Muskoge Company Molding Department Physical Flow Schedule Units to account for: Units, beginning work in process 10,000 Units started in February (transferred in) Total units to account for 35,000 Units accounted for: Units completed and transferred out: From beginning work in process Units started in February (transferred in) 20,000 Units, ending work in process Total units accounted for 35.000 25,000 10,000 5,000 b. An equivalent units calculation Total Equivalent Units Direct Materials 25,000 Conversion Costs 30,000 c. Calculation of unit costs. Round your answer to the nearest cent. per unit d. Cost of ending work in process and cost of goods transferred out. Cost of ending work in process: S Cost of goods transferred out: $ e. A cost reconciliation Costs to account for: Beginning work in process Costs incurred Total costs to account for Costs accounted for: boa tai Transferred out Ending work in process Total costs accounted for 2. Prepare journal entries that show the flow of manufacturing costs for the Molding Department. (a) Materials are added at the beginning of the process, () conversion comes are recorded, and (c) units are transferred to the Assembly Department fa) (h) ID goNOWv27 Online teaching and learning res 3. Repeat Requirements 1 and 2 for the Assembly Department a. A physical flow schedule Muskage Company Assembly Department Physical Flow Schedule Units to account for: Total units to account for Units accounted for: Units completed and transferred out: Total units accounted for b. An equivalent units calculation Total Equivalent Units Direct Materials Conversion Costs Transferred in 6. Calculation of unit costs. It required, round your intermediate computations and final answer to four decimal places and use the rounded answer in subsequent computations per unit d. Compute the following. For Interim computations, carry amounts out to four decimal places. Round your final answers to the nearest dollar. Cost of ending work in process Cost of goods transferred out: e. A cost reconciliation. When necessary, round equivalent cost per unit to four decimal places, and round all other amounts to the nearest dollar Costs to account for: Beginning work in process Costs incurred Total costs to account for Costs accounted for: Transferred out Ending work in process Total costs accounted for Note: Cost reconciliation total differ by $1 due to rounding errot Prepare foumal entries that show the flow of manufacturing costs for the Assembly Department. (a) Materials are added at the end of the process, (b) conversion costs are recorded, and (c) the units are transferred to finished Goods (0) (6) II (c) 0