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 260 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 260 pounds was $37,180, determined as follows: Direct materials (260 x $134) $34,840.00 Conversion (260 x 60% × $15) 2,340.00 $37,180.00 During May, the Casting Department was charged $276,000 for 2,000 pounds of alloy and $15,632 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 2,060 pounds of finished castings to the Machining Department. The May 31 inventory in process was 25% complete as to conversion. Required: a1. On May 1, prepare the journal entry for the Casting Department for the materials charged to production." a2. On May 31, prepare the journal entry for the Casting Department for the conversion costs charged to production." a3. On May 31, prepare the journal entry for the Casting Department for the completed production transferred to the Machining Department."

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 260 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 260 pounds was $37,180, determined as follows: Direct materials (260 x $134) $34,840.00 Conversion (260 x 60% × $15) 2,340.00 $37,180.00 During May, the Casting Department was charged $276,000 for 2,000 pounds of alloy and $15,632 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 2,060 pounds of finished castings to the Machining Department. The May 31 inventory in process was 25% complete as to conversion. Required: a1. On May 1, prepare the journal entry for the Casting Department for the materials charged to production." a2. On May 31, prepare the journal entry for the Casting Department for the conversion costs charged to production." a3. On May 31, prepare the journal entry for the Casting Department for the completed production transferred to the Machining Department."

Name: InstructionsAccuBlade Castings Inc. casts blades for turbine engines.
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Description: InstructionsAccuBlade 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 260 pounds of alloy in process, which were

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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