Question

Molding Department Finishing Department 2,800 5,000 $ 33, 340 11,180 $ 125,000 15,000 6,000 48,200 3,400 2,000 Beginning Inventories (on April 1): Physical units in production carried forward from March 31 Costs: Transferred Molding costs carried forward from March 31 Direct materials costs carried forward from March 31 Conversion costs carried forward from March 31 Current Production (in April): Units started during April Units in ending inventories as of April 30 Costs: Molding costs transferred to Finishing during April Direct materials costs incurred in April Conversion costs incurred in April Percentage of Completion: Inventories with respect to direct materials on April 1 Inventories with respect to conversion on April 1 Inventories with respect to direct materials on April 30 Inventories with respect to conversion on April 30 $ 669,200 521,840 $ 496,000 147,600 30% 40 90% 30 80% 20 25% 30 Required: a. Complete the following requirements for the Molding Department. 1. Prepare a schedule showing units started and completed in the Molding Department during April 2. Compute the equivalent units of direct materials and conversion for the Molding Department in April. 3. Determine the cost per equivalent unit of input resource for the Molding Department during April. 4. Prepare the summary journal entry required to transfer units from the Molding Department to the Finishing Department during April. 5. Compute the costs assigned to ending inventory in the Molding Department on April 30. b. Complete the following requirements for the Finishing Department. 1. Prepare a schedule showing units started and completed in the Finishing Department during April. 2. Compute the equivalent units of direct materials and conversion for the Finishing Department in April. Direct materials include both those transferred in from the Molding Department and those added by the Finishing Department.

Answer 1

a.
1.

	Physcial units
Work in Process Beginning	2800
Started during the period	48200
To account for	51000
Work in Process Beginning	2800
Units started and completed	44800
Units transferred to next department	47600
Ending Work in Process :	3400
Accounted for	51000

2. Equivalent units = Units in Beg WIP x (100% - Completion) + Units started and completed - Ending WIP x Completion

	Physcial units	Materials	Conversion
Work in Process Beginning	2800
Started during the period	48200
To account for	51000
Work in Process Beginning	2800	280	1960
Units started and completed	44800	44800	44800
Units transferred to next department	47600	45080	46760
Ending Work in Process :	3400	2720	680
Accounted for	51000
Equivalent units		47800	47440

3. Cost per Equivalent unit = Cost added/ Equivalent units

	Materials	Conversion	Total
Cost added during the period	$        6,69,200	$      5,21,840	$ 11,91,040
Equivalent units of Production	47800	47440
Cost per equivalent unit	$             14.00	$           11.00	$          25.00

4.

Account Titles	Debit	Credit
Work in Process - Finishing Department	$   11,90,000
Work in Process - Molding Department		$   11,90,000

	Materials	Conversion	Total
Units Completed and transferred out
Cost of Beginning Work in Process	$           33,340	$         11,180	$    44,520.0
Cost of work on Beginning Work in Process	$              3,920	$         21,560	$        25,480
Total Cost of Beginning WIP	$           37,260	$         32,740	$        70,000
Units started and completed	44800	44800
Cost per equivalent unit	$             14.00	$           11.00
Cost of units started and completed	$        6,27,200	$      4,92,800	$ 11,20,000
Cost of units transferred out	$        6,64,460	$      5,25,540	$ 11,90,000

5.

	Materials	Conversion	Total
Ending work in Process Inventory
Equivalent units of Production	2720	680
Cost per equivalent unit	$             14.00	$           11.00
Cost of Ending work in Process Inventory	$           38,080	$            7,480	$        45,560

As per HOMEWORKLIB RULES, we are suppose to answer 4 sub parts, i have answered 5, so kindly post others separately