Weighted Average Method, Journal Entries

Muskoge Company uses a process$-$costing 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, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the

production activity and costs for February:

Current production:

Costs:

Percentage of completion: Beginning inventory

Required:

Using the weighted average method, prepare the following for the Molding Department:

a$.$ A physical flow schedule

Molding 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 c$.$ Calculation of unit costs. Round your intermediate computations and final answer to four decimal places.

$

per unit

d$.$ Calculate the cost of ending work in process and cost of goods transferred out. Round your answers to the nearest dollar.

Cost of ending work in process: $5$

Cost of goods transferred out: $

e$.$ A cost reconciliation. When required, round your answers to the nearest dollar.

Costs to account for:

Prepare journal entries that show the flow of manufacturing costs for the Molding Department. $($a$)$ Materials are added at the beginning of the process, $($b$)$ conversion

costs are recorded, and $($c$)$ units are transferred to the Assembly Department. When required, round your answers to the nearest dollar.

a$.$

$.$

b$.$ b$.$

c$.$

Repeat Requirements $1$ and $2$ for the Assembly Department.

a$.$ A physical flow schedule:

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 Unitsb. An equivalent units calculation

Total Equivalent Units

Direct Materials

Conversion Costs

Transferred In

c$.$ Calculate the total unit costs. Round your intermediate computations and final answer to four decimal places.

$

per unit

d$.$ Calculate the cost of ending work in process and cost of goods transferred out. Round your answers to the nearest dollar.

Cost of ending work in process: $

Cost of goods transferred out: $

e$.$ A cost reconciliation. If required, round your answers to the nearest dollar.

Costs to account for:

Costs accounted for:

Note: Cost reconciliation totals differ due to rounding error.