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: 1. Using the weighted average method, prepare the following for the Molding Department: Required: 1. Using the weighted average method, prepare the following for the Molding Department: a. A physical flow schedule b. An equivalent units calculation 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 dolla Cost of ending work in process: $ Cost of goods transferred out: $ e. A cost reconciliation. When required, round your answers to the nearest dollar. e. A cost reconciliation. When required, round your answers to the nearest dollar. 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. 3. Repeat Requirements 1 and 2 for the Assembly Department. a. A physical flow schedule: Assembly Department, Physical flow schedule: Units accounted for: 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. Note: Cost reconciliation totals differ by $1 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