Homework Help is Here – Start Your Trial Now!
Business
Accounting
a3. Prepare the May journal entry for the Casting Department for the completed production transferred to the Machining Department. If an amount box does not require an entry, leave it blank. Finished Goods X Work in Process-Casting Department Feedback Check My Work a3. Are these goods ready for finished goods inventory or do these units need to be transferred to another department first b. Determine the Work in Process-Casting Departmen May 31 balance. 29,617 X Change in materials 402,852 X c. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). Cost per Equivalent Unit Change in conversion Increased 402,852 X Increased 1,990 X

a3. Prepare the May journal entry for the Casting Department for the completed production transferred to the Machining Department. If an amount box does not require an entry, leave it blank. Finished Goods X Work in Process-Casting Department Feedback Check My Work a3. Are these goods ready for finished goods inventory or do these units need to be transferred to another department first b. Determine the Work in Process-Casting Departmen May 31 balance. 29,617 X Change in materials 402,852 X c. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). Cost per Equivalent Unit Change in conversion Increased 402,852 X Increased 1,990 X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

*Need help with all the red Xs *

AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On May 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 230 pounds was $32,844, determined as follows: Direct materials (230 x $132) Conversion (230 x 60% x $18) During May, the Casting Department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 2,530 pounds of finished castings to the Machining Department. The May 31 inventory in process was 44% complete as to conversion. a1. Prepare the May journal entry for the Casting Department for the materials charged to production. If an amount box does not require an entry, leave it blank. 350,000✔ $30,360 2,484 $32,844 Work in Process-Casting Department ✔ Materials-Alloy ✔ Feedback Check My Work a1. Remember there are three different areas of inventory; Materials, Work in Process, and Finished Goods. 350,000 a2. Prepare the May journal entry for the Casting Department for the conversion costs charged to production. If an amount box does not require an entry, leave it blank. Work in Process-Casting Department ✔ 49,600✔ Wages Payable ✔ Factory Overhead ✔ Feedback 19,840 ✔ 29,760 ✔
Transcribed Image Text:AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On May 1, there were 230 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 230 pounds was $32,844, determined as follows: Direct materials (230 x $132) Conversion (230 x 60% x $18) During May, the Casting Department was charged $350,000 for 2,500 pounds of alloy and $19,840 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 2,530 pounds of finished castings to the Machining Department. The May 31 inventory in process was 44% complete as to conversion. a1. Prepare the May journal entry for the Casting Department for the materials charged to production. If an amount box does not require an entry, leave it blank. 350,000✔ $30,360 2,484 $32,844 Work in Process-Casting Department ✔ Materials-Alloy ✔ Feedback Check My Work a1. Remember there are three different areas of inventory; Materials, Work in Process, and Finished Goods. 350,000 a2. Prepare the May journal entry for the Casting Department for the conversion costs charged to production. If an amount box does not require an entry, leave it blank. Work in Process-Casting Department ✔ 49,600✔ Wages Payable ✔ Factory Overhead ✔ Feedback 19,840 ✔ 29,760 ✔
Work in Process-Casting Department ✓ Wages Payable ✔ Factory Overhead ✔ Feedback Finished Goods X Work in Process-Casting Department ✔ Check My Work a2. Remember that a Work in Process account accumulates all costs (Direct Materials, Direct Labor, Manufacturing Overhead) that are added to the units in a given department. What types of costs are considered conversion costs? Feedback a3. Prepare the May journal entry for the Casting Department for the completed production transferred to the Machining Department. If an amount box does not require an entry, leave it blank. 49,600 Change in materials Change in conversion 402,852 X Check My Work a3. Are these goods ready for finished goods inventory or do these units need to be transferred to another department first? Increased 19,840 b. Determine the Work in Process-Casting Departmen May 31 balance. $29,617 X Increased 29,760 c. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). Cost per Equivalent Unit 1,990 402,852 X X
Transcribed Image Text:Work in Process-Casting Department ✓ Wages Payable ✔ Factory Overhead ✔ Feedback Finished Goods X Work in Process-Casting Department ✔ Check My Work a2. Remember that a Work in Process account accumulates all costs (Direct Materials, Direct Labor, Manufacturing Overhead) that are added to the units in a given department. What types of costs are considered conversion costs? Feedback a3. Prepare the May journal entry for the Casting Department for the completed production transferred to the Machining Department. If an amount box does not require an entry, leave it blank. 49,600 Change in materials Change in conversion 402,852 X Check My Work a3. Are these goods ready for finished goods inventory or do these units need to be transferred to another department first? Increased 19,840 b. Determine the Work in Process-Casting Departmen May 31 balance. $29,617 X Increased 29,760 c. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). Cost per Equivalent Unit 1,990 402,852 X X
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 6 steps with 5 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Cost classification
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS