1) Process costing system-journal entries Milton Manufacturing uses a process co

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1) Process costing system-journal entries Milton Manufacturing uses a process costing system. Products are processed successively by Department x and Department Y and are then transferred to the finished goods warehouse. Shown below is cost information for Department Y during the month of May: 185,000 Cost of work in process at May 1 Cost of units transferred in from Department X 262,000 during May Manufacturing costs added in Department Y Direct materials used Direct labor $210,000 45,000 67,000 322,000 Manufacturing overhead Total costs charged to Department Y as of May 31 The cost of work in process in Department Y at May 31 has been determined to be $113,500 Prepare a general journal entry for the month of May for each of the following categories of transactions (you may omit explanations) (a.) The transfer of production from Departnent x to Department Y (b.) The recording of manufacturing costs incurred in Department Y during May. (Use a single journal entry.) (c.) The transfer of completed units from Department Y to the finished goods warehouse. 2) Process costing with equivalent units and beginning inventory The records of Westminster Manufacturing Company for the month of May show the following costs in Department A: Beginning Inventory Direct Materials Direct Labor Overhead(150%[Direct laborCost) 120,750 405,000 535,500 803,250 $1,864,500 Total The beginning inventory for May consisted of 10,000 units that were 80% complete as to direct materials and 60% complete as to labor and overhead. A total of 100,000 units were completed and transferred out during May, and 20,000 units remained in the work in process inventory. The ending inventory was 80% complete as to direct materials and 40% complete as to labor and overhead. Compute the following: (a) Direct materials cost per equivalent unit: $ (b) Equivalent units of production for direct labor and overhead:

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Question 1:

Account Titles Debit Credit Work in Progress Inventory, Dept Y 262000 Work in Progress Inventory, Dept X 262000 Work in Progress Inventory, Dept Y 322000 Materials Inventory 210000 Direct Labor 45000 Manufacturing Overhead 67000 Finished Goods Inventory 555,500 Work in Progress Inventory, Dept Y 555,500 [669000-113500]

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