Sligo Toys Ltd manufactures one type of wooden toy figure. It buys wood as its direct material
Question:
Sligo Toys Ltd manufactures one type of wooden toy figure. It buys wood as its direct material for the Forming Department of its Ballinode plant. The toys are transferred to the Finishing Department, where they are hand-shaped and metal is added to them.
Sligo Toys uses the weighted-average method of process costing. Consider the following data for the Forming Department in April 2022:
Required 1 Summarise the total Forming Department costs for April 2022, and assign these costs to units completed (and transferred out) and to units in closing work in progress using the weightedaverage method. 2 Prepare a set of summarised journal entries for all April transactions affecting Work in Progress – Forming. Set up a T-account for Work in Progress – Forming and post the entries to it.
Transcribed Image Text:
Work in progress, 1 April* Started during April Completed during April Work in progress, 30 April+ Costs added during April Physical units (missiles) 300 2 200 2.000 Direct materials Conversion costs 7.500 2 125 500 70 000 42 500
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The equivalent units of work done in the Forming Department in April 2022 for direct materials and c...View the full answer
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