Parsley Metal Company casts blades for the turbine engine. Within the Casting Department, an alloy is melted in a crucible and then poured into molds to produce the castings. On October 1, 800 pounds of the alloy were in process, 40% complete as to conversion. The work-in-process balance for these 8000 pounds was $350,000, determined as follows: direct materials-$190,000, conversion costs-$160,000. During October, the Casting Department was charged $250,000 for 9,500 pounds of alloy and $165,500 for direct labor. Factory overhead is applied to the department at 150% of direct labor. The department transferred 9,150 pounds of finished castings to the Machining Department. The October 31 inventory in process was 20% complete as to conversion. Based on the above information, please answer questions a) to f). a) Please prepare the Equivalent Unit Schedule. Beginning Started & Completed Completed & Transferred Out Ending Total Whole Units E E [1] (4) M (10) [13] Equivalent Unit Schedule Direct Materials EE 121 [0] [11] (14) Conversion Costs [3] [6] E [2] [12] (15)

Parsley Metal Company casts blades for the turbine engine. Within the Casting Department, an alloy is melted in a crucible and then poured into molds to produce the castings. On October 1, 800 pounds of the alloy were in process, 40% complete as to conversion. The work-in-process balance for these 8000 pounds was $350,000, determined as follows: direct materials-$190,000, conversion costs-$160,000. During October, the Casting Department was charged $250,000 for 9,500 pounds of alloy and $165,500 for direct labor. Factory overhead is applied to the department at 150% of direct labor. The department transferred 9,150 pounds of finished castings to the Machining Department. The October 31 inventory in process was 20% complete as to conversion. Based on the above information, please answer questions a) to f). a) Please prepare the Equivalent Unit Schedule. Beginning Started & Completed Completed & Transferred Out Ending Total Whole Units E E [1] (4) M (10) [13] Equivalent Unit Schedule Direct Materials EE 121 [0] [11] (14) Conversion Costs [3] [6] E [2] [12] (15)

Name: Parsley Metal Company casts blades for the turbine engine. Within the
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Description: Parsley Metal Company casts blades for the turbine engine. Within the Casting Department, an alloy is melted in a crucible and then poured intomolds to produce the castings. On October 1, 800 pounds of the alloy were in process, 40% complete as to c

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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