uestion: 1 Required 1.1 - Fabricating Department A. Calculate the Fabricating Department's predetermined overhead application rate for

uestion: 1 Required 1.1 - Fabricating Department\\nA. Calculate the Fabricating Department's predetermined overhead application rate for the year.\\nB. Draw a diagram detailing the Fabricating Department's physical flow of materials into production for the month and the outputs from the production pro 3 number of sheets and square footage for each input and

1 Required 1.1 - Fabricating Department\\nA. Calculate the Fabricating Department's predetermined overhead application rate for the year.\\nB. Draw a diagram detailing the Fabricating Department's physical flow of materials into production for the month and the outputs from the production pro 3 number of sheets and square footage for each input and output.\\nC. Calculate the total manufacturing costs incurred for the month. Be sure to include all direct materials, direct labor, and applied overhead costs. Overhea 4 using the rate calculated above in part (A).\\nD. For each of the three final products (the

6^(')\\\\times 5^('),6^(')\\\\times 6^(')

, and

4^(')\\\\times 16^(')

metal sheets), allocate the costs incurred from Requirement C using the physical mea square feet. Break the allocations into a cost per sheet.\\nE. The CFO has asked for a sales price at split-off analysis for allocating joint costs to see how the cost allocations might differ. For this method, assume a external sales price of

$23,a6^(')\\\\times 5^(')

sheet has an external sales price of

$22

, and the

4^(')\\\\times 16^(')

sheet has an external sales price of

$32

. Repeat Requirement

D

F. Was the company's scrap output within standards? Would it be considered normal or abnormal? How is this being accounted for? How should it be acco opposite case (i.e. normal vs. abnormal)?\\nG. Write the double-sided journal entries for events 1-13. Use only accounts provided in the scenario (see Table 1). Post these entries to the included T-acc include any beginning balances in the

T

-account.\\nRequired 1.2 - Assembly Department\\nA. Calculate the predetermined overhead rate for the Assembly Department.\\nB. Calculate the equivalents units produced for both direct materials and conversion costs under the weighted-average method of process costing. Calculate units transferred out of the Assembly Department during the month.\\nC. Calculate the costs to account for both direct materials and conversion costs under the weighted-average method of process costing. Be sure to use the method to calculate everything put into production for the period.\\nD. Calculate unit costs for both direct materials and conversion costs under the weighted-average method of process costing.\\nE. Determine the value of the finished trailers inventory account and the ending work-in-process account for the Assembly Department at the end of the pe finished trailers are first transferred to the finished trailers inventory account upon completion in this department. Those that later are sold without customiz the cost of sales - finished trailers account when the title of the trailer transfers to the owner. Those that are later customized by the Customization Departn work-in-process job for the Customization Department.\\nF. Record double-sided journal entries, and post to T-accounts, for the following events within the department during the month:\\na. The purchase of the additional raw materials (trailer frames, axles, and hardware) on account.\\nb. The transfer of raw materials into production during the month, including those requisitioned from each of the Fabricating Department's three finish\\nc. The cost of direct labor that was incurred by the Assembly Department during the month. Assume any incurred direct labor will be paid on the first 0\\nd. All overhead that was applied.\\ne. The actual overhead costs incurred. Assume indirect labor will be paid next month. Assume all "other overhead" was incurred on account.

 

Transcribed Image Text:

1 Required 1.1 - Fabricating Department 2 A. Calculate the Fabricating Department's predetermined overhead application rate for the year. B. Draw a diagram detailing the Fabricating Department's physical flow of materials into production for the month and the outputs from the production pro 3 number of sheets and square footage for each input and output. C Calculate the total manufacturing costs incurred for the month. Be sure to include all direct materials, direct labor, and applied overhead costs. Overhea 4 using the rate calculated above in part (A). D. For each of the three final products (the 6' x 5', 6' x 6', and 4' x 16' metal sheets), allocate the costs incurred from Requirement C using the physical mea 5 square feet. Break the allocations into a cost per sheet. E. The CFO has asked for a sales price at split-off analysis for allocating joint costs to see how the cost allocations might differ. For this method, assume a 6 external sales price of $23, a 6' x 5' sheet has an external sales price of $22, and the 4' x 16' sheet has an external sales price of $32. Repeat Requirement D F. Was the company's scrap output within standards? Would it be considered normal or abnormal? How is this being accounted for? How should it be acco 7 opposite case (i.e. normal vs. abnormal)? G. Write the double-sided journal entries for events 1-13. Use only accounts provided in the scenario (see Table 1). Post these entries to the included T-acc 8 include any beginning balances in the T-account. O Required 1.2-Assembly Department 1 A. Calculate the predetermined overhead rate for the Assembly Department. B. Calculate the equivalents units produced for both direct materials and conversion costs under the weighted-average method of process costing. Calculate 2 units transferred out of the Assembly Department during the month. C Calculate the costs to account for both direct materials and conversion costs under the weighted-average method of process costing. Be sure to use the 3 method to calculate everything put into production for the period. 4 D. Calculate unit costs for both direct materials and conversion costs under the weighted-average method of process costing. E. Determine the value of the finished trailers inventory account and the ending work-in-process account for the Assembly Department at the end of the pe finished trailers are first transferred to the finished trailers inventory account upon completion in this department. Those that later are sold without customiz the cost of sales-finished trailers account when the title of the trailer transfers to the owner. Those that are later customized by the Customization Departm 5 work-in-process job for the Customization Department. 6 F. B Record double-sided journal entries, and post to T-accounts, for the following events within the department during the month: a. The purchase of the additional raw materials (trailer frames, axles, and hardware) on account. b. C. The transfer of raw materials into production during the month, including those requisitioned from each of the Fabricating Department's three finish The cost of direct labor that was incurred by the Assembly Department during the month. Assume any incurred direct labor will be paid on the first o All overhead that was applied. d. e. The actual overhead costs incurred. Assume indirect labor will be paid next month. Assume all "other overhead" was incurred on account. 1 Required 1.1 - Fabricating Department 2 A. Calculate the Fabricating Department's predetermined overhead application rate for the year. B. Draw a diagram detailing the Fabricating Department's physical flow of materials into production for the month and the outputs from the production pro 3 number of sheets and square footage for each input and output. C Calculate the total manufacturing costs incurred for the month. Be sure to include all direct materials, direct labor, and applied overhead costs. Overhea 4 using the rate calculated above in part (A). D. For each of the three final products (the 6' x 5', 6' x 6', and 4' x 16' metal sheets), allocate the costs incurred from Requirement C using the physical mea 5 square feet. Break the allocations into a cost per sheet. E. The CFO has asked for a sales price at split-off analysis for allocating joint costs to see how the cost allocations might differ. For this method, assume a 6 external sales price of $23, a 6' x 5' sheet has an external sales price of $22, and the 4' x 16' sheet has an external sales price of $32. Repeat Requirement D F. Was the company's scrap output within standards? Would it be considered normal or abnormal? How is this being accounted for? How should it be acco 7 opposite case (i.e. normal vs. abnormal)? G. Write the double-sided journal entries for events 1-13. Use only accounts provided in the scenario (see Table 1). Post these entries to the included T-acc 8 include any beginning balances in the T-account. O Required 1.2-Assembly Department 1 A. Calculate the predetermined overhead rate for the Assembly Department. B. Calculate the equivalents units produced for both direct materials and conversion costs under the weighted-average method of process costing. Calculate 2 units transferred out of the Assembly Department during the month. C Calculate the costs to account for both direct materials and conversion costs under the weighted-average method of process costing. Be sure to use the 3 method to calculate everything put into production for the period. 4 D. Calculate unit costs for both direct materials and conversion costs under the weighted-average method of process costing. E. Determine the value of the finished trailers inventory account and the ending work-in-process account for the Assembly Department at the end of the pe finished trailers are first transferred to the finished trailers inventory account upon completion in this department. Those that later are sold without customiz the cost of sales-finished trailers account when the title of the trailer transfers to the owner. Those that are later customized by the Customization Departm 5 work-in-process job for the Customization Department. 6 F. B Record double-sided journal entries, and post to T-accounts, for the following events within the department during the month: a. The purchase of the additional raw materials (trailer frames, axles, and hardware) on account. b. C. The transfer of raw materials into production during the month, including those requisitioned from each of the Fabricating Department's three finish The cost of direct labor that was incurred by the Assembly Department during the month. Assume any incurred direct labor will be paid on the first o All overhead that was applied. d. e. The actual overhead costs incurred. Assume indirect labor will be paid next month. Assume all "other overhead" was incurred on account.