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: a. A physical flow schedule Feedback Check My Work a. The physical flow schedule traces the units in process regardless of their stage of completion. b. An equivalent units calculation 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 dollar. Cost of ending work in process: X Cost of goods transferred out: $ e. A cost reconciliation. When required, round your answers to the nearest dollar. Feedback Theck My Work b. To calculate equivalent units, weighted average counts prior-period output in BWIP as belonging to the current period. All units are output in the current period. Check My Work C. Unit cost = Unit direct materials cost + Unit conversion costs simplified as it is the total unit cost multiplied by the units completed. e. Reconciliation is making sure that the costs assigned to goods or services completed and EWIP are equal to the costs to account for. are recorded, and (c) units are transferred to the Assembly Department. When required, round your answers to the nearest dollar. Feedback Check My Work 2. An example of journal entries showing the flow of costs is illustrated above Exhibit 6.5. 3. Repeat Requirements 1 and 2 for the Assembly Department. 3. Repeat Requirements 1 and 2 for the Assembly Department. a. A physical flow schedule: Feedback Check My Work 3. Read the problem carefully. There are some differences in how the material additions are accounted for. b. An equivalent units calculation b. An equivalent units calculation 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 due to rounding error. 3. Read the problem carefully. There are some differences in how the material additions are accounted for. repare 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 ecorded, and (c) the units are transferred to Finished Goods. Feedback Check My Work 3. Read the problem carefully. There are some differences in how the material additions are accounted for