Question

eBook Calculator Print tem Cost of production and journal entries Instructions Chart of Accounts Journal Final Question Instructions AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, aloy is first melted in a crucible, then poured into molds to produce the castings. On May 1, there were 340 pounds of alloy in process, which were 60% complete as to conversion. The Work in Process balance for these 340 pounds was 553,448, determined as follows: $51,000.00 Direct materials (340 $150) Conversion (340 60% $12) 2.448.00 $53.448.00 During May, the Casting Department was charged $379.200 for 2.400 pounds of aloy and $22,906 for direct labor Factory overhead is applied to the department at a tale of 150% of direct labor. The department transferred out 2.540 pounds of finished casting 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 c) On May 31, prepare the journal entry for the Casting Department for the completed production anstered to the Machining Department • Refer to the Chart of Accounts for exact wording of accountities B. Determine the Work in Process-Casting Department May 31 bulance Previous Next > Check My Work

Answer 1

Journal entry for Casting department for conversion cost charged to production:

Work in progress 379200

To Materials 379200

a. 2.

Work in progress 57265 Notes :

To Factory overheads 34359    Factory overhead = Direct labour cost * Factory overhead rate

To Wages payable 22906 = 22906 * 150%