Delray Industries manufactures plastic wading pools as part of a continuous process through two departments: Molding and Finishing. Direct materials and conversion are added throughout the month in both departments, but at different rates. The information presented below was compiled at the end of June:
| Molding Department | Finishing Department |
Beginning Inventories (on June 1): |
|
|
Physical units in production carried forward from May 31 | 3,000 | 5,000 |
Costs: |
|
|
Transferred Molding costs carried forward from May 31 |
| $150,000 |
Direct materials costs carried forward from May 31 | .$ 37,800 | 4,000 |
Conversion costs carried forward from May 31 | 14,400 | 24,000 |
Current Production (in June): |
|
|
Units started during June | 50,000 | ? |
Units in ending inventories as of June 30 | 1,000 | 2,000 |
Costs: |
|
|
Molding costs transferred to Finishing during June |
| ? |
Direct materials costs incurred in June | 3912,600 | $222,000 |
Conversion costs incurred in June | 612,000 | 430,400 |
Percentage of Completion: |
|
|
Inventories with respect to direct materials on June 1 | 70% | 20% |
Inventories with respect to conversion on June 1 | 40 | 60 |
Inventories with respect to direct materials on June 30 | 80% | 75% |
Inventories with respect to conversion on June 30 | 20 | 90 |
Instructions
a. Complete the following requirements for the Molding Department:
1. Prepare a schedule showing units started and completed in the Molding Department during June.
2. Compute the equivalent units of direct materials and conversion for the Molding Department in June.
3. Determine the cost per equivalent unit of input resource for the Molding Department during June.
4. Prepare the summary journal entry required to transfer units from the Molding Department lo the Finishing Department during June.
5. Compute the costs assigned to ending inventory in the Molding Department on June 30.
b. Complete the following requirements for the Finishing Department:
1. Prepare a schedule showing units started and completed in the Finishing Department during June.
2. Compute the equivalent units of direct materials and conversion for the Finishing Department in June. Direct materials include both those transferred in from the Molding Department and those added by the Finishing Department.
3. Determine the cost per equivalent unit of input resource for the Finishing Department during June.
4. Prepare the summary journal entry required to transfer units from the Finishing Department to Finished Goods Inventory during June.
5. Compute the costs assigned to ending inventory in the Finishing Department on June 30.
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