Journal Entries Seacrest Company uses a process costing system. The company manufactures a product that is processed

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Journal Entries Seacrest Company uses a process costing system. The company manufactures a product that is processed in two departments: A and B. As work is completed, it is transferred out. The following summarizes the production activity and costs for November:
Journal Entries Seacrest Company uses a process costing system. The

Required:
1. Using the weighted average method, prepare the following for Department A:
(a) A physical flow schedule,
(b) An equivalent unit calculation,
(c) Calculation of unit costs (Round to two decimal places),
(d) Cost of EWIP and cost of goods transferred out,
(e) A cost reconciliation.
2. Prepare journal entries that show the flow of manufacturing costs for Department A. Use a conversion cost control account for conversion costs. Many firms are now combining direct labor and overhead costs into one category. They are not tracking direct labor separately. Offer some reasons for this practice.

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Cornerstones of Financial and Managerial Accounting

ISBN: 978-1111879044

2nd edition

Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen

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