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:

		Molding		Assembly
Beginning inventories:
Physical units		10,000		8,000
Costs:
Transferred in				$45,200
Direct materials		$22,000
Conversion costs		$13,800		$16,800
Current production:
Units started		25,000		?
Units transferred out		30,000		35,000
Costs:
Transferred in				?
Direct materials		$56,750		$39,550
Conversion costs		$106,900		$140,150
Percentage of completion:
Beginning inventory		40%		50%
Ending inventory		80		50

Required:

1. 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:
	fill in the blank 1869c000403800f_2
	fill in the blank 1869c000403800f_4
Total units to account for	fill in the blank 1869c000403800f_5
Units accounted for:
Units completed and transferred out:
	fill in the blank 1869c000403800f_7
	fill in the blank 1869c000403800f_9
	fill in the blank 1869c000403800f_11
Total units accounted for	fill in the blank 1869c000403800f_12

b. An equivalent units calculation

	Total equivalent units
Direct Materials	fill in the blank b9ce38f5901afda_1
Conversion Costs	fill in the blank b9ce38f5901afda_2

c. Calculation of unit costs. Round your intermediate computations and final answer to four decimal places. $fill in the blank b9ce38f5901afda_3 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: $fill in the blank b9ce38f5901afda_4 Cost of goods transferred out: $fill in the blank b9ce38f5901afda_5

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

Costs to account for:
Beginning work in process	$fill in the blank b9ce38f5901afda_6
Costs incurred	fill in the blank b9ce38f5901afda_7
Total costs to account for	$fill in the blank b9ce38f5901afda_8

Costs accounted for:
Transferred out	$fill in the blank b9ce38f5901afda_9
Ending work in process	fill in the blank b9ce38f5901afda_10
Total costs accounted for	$fill in the blank b9ce38f5901afda_11

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

a.		fill in the blank 872bf8fd907f03d_2
			fill in the blank 872bf8fd907f03d_4
b.		fill in the blank 872bf8fd907f03d_6
			fill in the blank 872bf8fd907f03d_8
c.		fill in the blank 872bf8fd907f03d_10
			fill in the blank 872bf8fd907f03d_12

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

a. A physical flow schedule:

Assembly Department, Physical flow schedule:
Units to account for:
	fill in the blank 6bd850039072fd7_2
	fill in the blank 6bd850039072fd7_4
Total units to account for	fill in the blank 6bd850039072fd7_5
Units accounted for:
Units completed and transferred out:
	fill in the blank 6bd850039072fd7_7
	fill in the blank 6bd850039072fd7_9
	fill in the blank 6bd850039072fd7_11
Total units accounted for	fill in the blank 6bd850039072fd7_12

b. An equivalent units calculation

	Total Equivalent Units
Direct Materials	fill in the blank 56102cf25077f8b_1
Conversion Costs	fill in the blank 56102cf25077f8b_2
Transferred In	fill in the blank 56102cf25077f8b_3

c. Calculate the total unit costs. Round your intermediate computations and final answer to four decimal places. $fill in the blank 56102cf25077f8b_4 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: $fill in the blank 56102cf25077f8b_5 Cost of goods transferred out: $fill in the blank 56102cf25077f8b_6

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

Costs to account for:
Beginning work in process	$fill in the blank 56102cf25077f8b_7
Costs incurred	fill in the blank 56102cf25077f8b_8
Total costs to account for	$fill in the blank 56102cf25077f8b_9

Costs accounted for:
Transferred out	$fill in the blank 56102cf25077f8b_10
Ending work in process	fill in the blank 56102cf25077f8b_11
Total costs accounted for	$fill in the blank 56102cf25077f8b_12

Note: Cost reconciliation totals differ due to rounding error.

Prepare journal 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.

a.		fill in the blank 9953ff00703303c_2
			fill in the blank 9953ff00703303c_4
b.		fill in the blank 9953ff00703303c_6
			fill in the blank 9953ff00703303c_8
c.		fill in the blank 9953ff00703303c_10
			fill in the blank 9953ff00703303c_12