enggWCnine teaching end leeming resurce trem tengsge Lesmrg-Google hrome Cost of
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enggWCnine teaching end leeming resurce trem tengsge Lesmrg-Google hrome Cost of Froduttion and Journal Entries Per ormance Castings c ces s bla es or tu tine engines within the Casting Department, alloy 15 irst meted in a crvable, then poured rto molds to produce the castings. On March 1, there were 700 pounds c alloy 1 complete az to oor version. The Work in Frocess "lance for these 7CO pounds w2s 71,200, dctcrmincd asfolos: Direct matenals(700 X $100) process, hich were 3 % $70,000 760 4. CX.20 S.ALGO 6. EX.20-8.ALGO a 1. Prepar? the March ?irna Artry far the Castro Departmant for the matwials charged ta production. 7. CX.20 10.ALG Work in Process Neternals Alloy a2. Propare the March curnal entry for the Casting Department for the conerzion coats charped to production. If an mount bcx docs not requirc an entry, leave it blank. Work in PRSS Casting Department Wages Payable Work in PrOCRSS-Casting Department Work In Process-Machining Department Work in b. Determine the Wark in Process-Casting Cecartment Narch 31 halancR. c. Computa the chang: In costs per cquvalent unit tor drect materiais and convemlan trom the prevlbus morth (Fabruary). Cost per Equivalent Unit Increase Increase Change In matoral: Change In conwerzion Prevois Progress: 1010 Items .ssignment Score: 50% Email Ir tructor save ?nd Ex ubmit Assignment for Grading E O lype here to searchExplanation / Answer
Answer a. Journal Entry Date Particulars Dr. Amt. Cr. Amt. a1 Work in Process - Casting Department 633,600.00 Materials- Alloy 633,600.00 (record the material charged to production) a-2 Work in Process - Casting Department 33,450.00 Wages Payable 13,380.00 Factory Overhead 20,070.00 (record the conversion cost charged to production) a-3 Work in Process - Machining Department 689,810.00 Work in Process - Casting Department 689,810.00 (Record the fin. inventory transff. to machining Deptt.) Answer b. Work in Process - Casting Department - Mar 31 48,500.00 Answer c. Calculation of Cost per Unit - Mar 1 Materials Conversion Costs Total WIP - Mar 1, Cost 70,000 1,260 71,260 Equivalent No. of Unit - WIP - Mar 1 700 210 Cost pet Equivalent Unit 100.00 6.00 106.00 Materials Conversion Costs Total Cost per Equivalent Unit - Beginning Inventory 100.00 6.00 106.00 Cost per Equivalent Unit -Mar 31 96.00 5.00 101.00 Increase (Decrease) in Cost per Unit (4.00) (1.00) (5.00) Cost of Production Report - Casting Department For the Month ended March 31 Particulars Equivalent Units Physical Units Materials Conversion Costs Units Information Units Charged to Production Work in process - Beginning 700 Started into production 6,600 Total units 7,300 Units accounted for Goods Units Completed & transferred out: From Beginning WIP 700 - 490 (0% materials, 70% conversion costs) . Started & Completed (6,800 - 700) 6,100 6,100 6,100 Work in process, Ending 500 500 100 (100% materials, 20% conversion costs) Equivalent units accounted for 7,300 6,600 6,690 Materials Conversion Costs Total Total Cost to Account for: WIP, Beginning 70,000 1,260 71,260 Cost added in current period 633,600 33,450 667,050 Total cost to be account for 703,600 34,710 738,310 Cost added in current period 633,600 33,450 667,050 Equivalent Units of work done in current Period 6,600 6,690 Cost per Equivalent Unit 96.00 5.00 101.00 Assignment of Costs: Goods Units and Completed out (6,800 Units) WIP, Beginning - 700 Units - - 71,260 Cost added to Beg. WIP in Current period - 2,450 2,450 (490 Units X $5) Total of Beginning Inventory - 2,450 73,710 Started and completed - 6,100 Units 585,600 30,500 616,100 (6,100 units X $96) (6,100 Units X $5) Total Cost of good units completed & transferred out 585,600 32,950 689,810 WIP, Ending - 500 Units 48,000 500 48,500 (500 units X $96) (100 Units X $5) Total Cost accounted For 633,600 33,450 738,310
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