Question

Problem 6.36 Weighted Average Method, Journal Entries

Muskoge Company uses a process-costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February:



Molding
Assembly
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:



    Beginning inventory
40%
50%
    Ending inventory
80  
50  

Required:

1. Using the weighted average method, prepare the following for the Molding Department:

a. A physical flow schedule

Molding Department, Physical flow schedule:
Units to account for:


Total units to account for
Units accounted for:
Units completed and transferred out:



Total units accounted for

b. An equivalent units calculation


Total equivalent units
Direct Materials
Conversion Costs

c. Calculation of unit costs. Round your intermediate computations and final answer to four decimal places.
$ per unit

d. Calculate the cost of ending work in process and cost of goods transferred out. Round your answers to the nearest dollar.
Cost of ending work in process: $
Cost of goods transferred out: $

e. A cost reconciliation. When required, round your answers to the nearest dollar.

Costs to account for:
Beginning work in process$
Costs incurred
Total costs to account for$
Costs accounted for:
Transferred out$
Ending work in process
Total costs accounted for$

2. Prepare journal entries that show the flow of manufacturing costs for the Molding Department. (a) Materials are added at the beginning of the process, (b) conversion costs are recorded, and (c) units are transferred to the Assembly Department. When required, round your answers to the nearest dollar.

a.








b.


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