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and jourhal entries Instructions Chart of Accounts Journal Final Question Instructions X. 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 $34,840.00 x $134) Conversion (260 2 2,340.00 60% × $15) $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: A. (1) On May 1, prepare the journal entry for the Casting Department for the materials charged to production.* (2) On May 31, prepare the journal entry for the Casting Department for the conversion costs charged to production.* (3) On May 31, prepare the journal entry for the Casting Department for the completed production transferred to the Machining Department." *Refer to the Chart of Accounts for exact wording of account titles. B. Determine the Work in Process-Casting Department May 31 balance. C. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). Previous Next eck My Work 5 more Check My Work uses remaining. <> 3.

and jourhal entries Instructions Chart of Accounts Journal Final Question Instructions X. 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 $34,840.00 x $134) Conversion (260 2 2,340.00 60% × $15) $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: A. (1) On May 1, prepare the journal entry for the Casting Department for the materials charged to production.* (2) On May 31, prepare the journal entry for the Casting Department for the conversion costs charged to production.* (3) On May 31, prepare the journal entry for the Casting Department for the completed production transferred to the Machining Department." *Refer to the Chart of Accounts for exact wording of account titles. B. Determine the Work in Process-Casting Department May 31 balance. C. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). Previous Next eck My Work 5 more Check My Work uses remaining. <> 3.

FINANCIAL ACCOUNTING
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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and jourhal entries Instructions Chart of Accounts Journal Final Question Instructions X. 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 $34,840.00 x $134) Conversion (260 2 2,340.00 60% × $15) $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: A. (1) On May 1, prepare the journal entry for the Casting Department for the materials charged to production.* (2) On May 31, prepare the journal entry for the Casting Department for the conversion costs charged to production.* (3) On May 31, prepare the journal entry for the Casting Department for the completed production transferred to the Machining Department." *Refer to the Chart of Accounts for exact wording of account titles. B. Determine the Work in Process-Casting Department May 31 balance. C. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). Previous Next eck My Work 5 more Check My Work uses remaining. <> 3.
Transcribed Image Text:and jourhal entries Instructions Chart of Accounts Journal Final Question Instructions X. 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 $34,840.00 x $134) Conversion (260 2 2,340.00 60% × $15) $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: A. (1) On May 1, prepare the journal entry for the Casting Department for the materials charged to production.* (2) On May 31, prepare the journal entry for the Casting Department for the conversion costs charged to production.* (3) On May 31, prepare the journal entry for the Casting Department for the completed production transferred to the Machining Department." *Refer to the Chart of Accounts for exact wording of account titles. B. Determine the Work in Process-Casting Department May 31 balance. C. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (April). Previous Next eck My Work 5 more Check My Work uses remaining. <> 3.
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