Process Costing Journal Entries. Assume a company has two processing departments?Molding and Packaging. Transactions for the month are shown as follows.

1. The Molding department requisitioned direct materials totaling $2,000 to be used in production.

2. Direct labor costs totaling $3,500 were incurred in the Molding department, to be paid the next month.

3. Manufacturing overhead costs applied to products in the Molding department totaled $2,500.

4. The cost of goods transferred from the Molding department to the Packaging department totaled $10,000.

5. Manufacturing overhead costs applied to products in the Packaging department totaled $1,800.

Required:

Prepare journal entries to record transactions 1 through 5.

Calculating Equivalent Units. Complete the requirements for each item in the following.

1. A university has 500 students enrolled in classes. Each student attends school on a part-time basis. On average, each student takes three-quarters of a full load of classes. Calculate the number of full-time equivalent students (i.e., calculate the number of equivalent units).

2. A total of 10,000 units of product remain in the Assembly department at the end of the year. Direct materials are 80 percent complete and direct labor is 40 percent complete. Calculate the equivalent units in the Assembly department for direct materials and direct labor.

3. A local hospital has 60 nurses working on a part-time basis. On average, each nurse works two-thirds of a full load. Calculate the number of full-time equivalent nurses (i.e., calculate the number of equivalent units).

4. A total of 6,000 units of product remain in the Quality Testing department at the end of the year. Direct materials are 75 percent complete and direct labor is 20 percent complete. Calculate units in the Quality Testing department for direct materials and direct labor.

Calculating Cost per Equivalent Unit. The following information pertains to the Finishing department for the month of June.