Muskoge Company manufactures a product that goes through two processes: Assembly and Painting. In the Assembly Process, direct materials are added at the beginning of the process; in the Painting Process, direct materials are added at the end of the process. Assembly Painting Beginning inventories: Physical units 10,000 8,000 Costs: Transferred in -------- $45,200 Direct materials $22,000 -------- Conversion costs $13,800 $16,800 Current Production: Units started 25,000 ? Units transferred out 30,000 35,000 Costs: Transferred in -------- ? Direct materials $56,250 $39,550 Conversion costs $103,500 $136,500 Percentage of completion for conversion costs: Beginning inventory 40% 50% Ending inventory 80% 50% Required Prepare a production cost report for the assembly process using weighted-average costing. What journal entry would be made after preparing the production cost report for the assembly process? Prepare a production cost report for the painting process using weighted-average costing. What journal entry would be made after preparing the production cost report for the painting process?

Muskoge Company manufactures a product that goes through two processes: Assembly and Painting. In the Assembly Process, direct materials are added at the beginning of the process; in the Painting Process, direct materials are added at the end of the process. Assembly Painting Beginning inventories: Physical units 10,000 8,000 Costs: Transferred in -------- $45,200 Direct materials $22,000 -------- Conversion costs $13,800 $16,800 Current Production: Units started 25,000 ? Units transferred out 30,000 35,000 Costs: Transferred in -------- ? Direct materials $56,250 $39,550 Conversion costs $103,500 $136,500 Percentage of completion for conversion costs: Beginning inventory 40% 50% Ending inventory 80% 50% Required Prepare a production cost report for the assembly process using weighted-average costing. What journal entry would be made after preparing the production cost report for the assembly process? Prepare a production cost report for the painting process using weighted-average costing. What journal entry would be made after preparing the production cost report for the painting process?

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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Question

Assembly Painting

Beginning inventories:

Physical units 10,000 8,000

Costs:

Transferred in -------- $45,200

Direct materials $22,000 --------

Conversion costs $13,800 $16,800

Current Production:

Units started 25,000 ?

Units transferred out 30,000 35,000

Costs:

Transferred in -------- ?

Direct materials $56,250 $39,550

Conversion costs $103,500 $136,500

Percentage of completion for conversion costs:

Beginning inventory 40% 50%

Ending inventory 80% 50%

Required

Prepare a production cost report for the assembly process using weighted-average costing.
What journal entry would be made after preparing the production cost report for the assembly process?
Prepare a production cost report for the painting process using weighted-average costing.
What journal entry would be made after preparing the production cost report for the painting process?

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