Weighted Average Method, Journal Entries

Muskoge Company uses a process$-$costing system. The company manufactures a product that is processed in two departments: Molding and Assembly. In the Molding Department, direct materials are added at the beginning of the process; in the Assembly Department, additional direct materials are added at the end of the process. In both departments, conversion costs are incurred uniformly throughout the process. As work is completed, it is transferred out. The following table summarizes the production activity and costs for February:

Molding Assembly

Beginning inventories:

Physical units $10,0008,000$

Costs:

Transferred in $$ $$45,200$

Direct materials $$22,000$

Conversion costs $$13,800$ $$20,450$

Current production:

Units started $25,000?$

Units transferred out $30,00035,000$

Costs:

Transferred in $?$

Direct materials $$56,750$ $$39,550$

Conversion costs $$106,900$ $$136,500$

Percentage of completion:

Beginning inventory $40\%50\%$

Ending inventory $8050$

Required:

Question Content Area

$1.$ Using the weighted average method, prepare the following for the Molding Department:

a$.$ A physical flow schedule

Molding Department, Physical flow schedule:

Units to account for: blank

Units, beginning work in process

Units started in February

Total units to account for fill in the blank $80$fa$15$f$89$fd$3$fd$5\_5$

Units accounted for: blank

Units completed and transferred out:

Units started in February

From beginning work in process

Units, ending work in process

Total units accounted for fill in the blank $80$fa$15$f$89$fd$3$fd$5\_12$

Question Content Area

b$.$ An equivalent units calculation

Total equivalent units

Direct Materials fill in the blank $105905$f$58035$f$82\_1$

Conversion Costs fill in the blank $105905$f$58035$f$82\_2$

c$.$ Calculation of unit costs. Round your intermediate computations and final answer to four decimal places.

$fill in the blank $105905$f$58035$f$82\_3$ per unit

d$.$ Calculate the cost of ending work in process and cost of goods transferred out. Round your answers to the nearest dollar.

Cost of ending work in process: $fill in the blank $105905$f$58035$f$82\_4$

Cost of goods transferred out: $fill in the blank $105905$f$58035$f$82\_5$

e$.$ A cost reconciliation. When required, round your answers to the nearest dollar.

Costs to account for:

Beginning work in process $fill in the blank $105905$f$58035$f$82\_6$

Costs incurred fill in the blank $105905$f$58035$f$82\_7$

Total costs to account for $fill in the blank $105905$f$58035$f$82\_8$

Costs accounted for:

Transferred out $fill in the blank $105905$f$58035$f$82\_9$

Ending work in process fill in the blank $105905$f$58035$f$82\_10$

Total costs accounted for $fill in the blank $105905$f$58035$f$82\_11$

Question Content Area

$2.$ Prepare journal entries that show the flow of manufacturing costs for the Molding Department. $($a$)$ Materials are added at the beginning of the process, $($b$)$ conversion costs are recorded, and $($c$)$ units are transferred to the Assembly Department. When required, round your answers to the nearest dollar.

a$.$

b$.$

c$.$

Question Content Area

$3.$ Repeat Requirements $1$ and $2$ for the Assembly Department.

a$.$ A physical flow schedule:

Assembly Department, Physical flow schedule:

Units to account for: blank

$-$ Select $-$

$-$ Select $-$

Total units to account for fill in the blank $8$a$0345$f$98$fb$0029\_5$

Units accounted for: blank

Units completed and transferred out:

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

Total units accounted for fill in the blank $8$a$0345$f$98$fb$0029\_12$

Question Content Area

b$.$ An equivalent units calculation

Total Equivalent Units

Direct Materials fill in the blank ea$5550$ff$3010$fff$\_1$

Conversion Costs fill in the blank ea$5550$ff$3010$fff$\_2$

Transferred In fill in the blank ea$5550$ff$3010$fff$\_3$

c$.$ Calculate the total unit costs. Round your intermediate computations and final answer to four decimal places.

$fill in the blank ea$5550$ff$3010$fff$\_4$ per unit

d$.$ Calculate the cost of ending work in process and cost of goods transferred out. Round your answers to the nearest dollar.

Cost of ending work in process: $fill in the blank ea$5550$ff$3010$fff$\_5$

Cost of goods transferred out: $fill in the blank ea$5550$ff$3010$fff$\_6$

e$.$ A cost reconciliation. If required, round your answers to the nearest dollar.

Costs to account for:

Beginning work in process $fill in the blank ea$5550$ff$3010$fff$\_7$

Costs incurred fill in the blank ea$5550$ff$3010$fff$\_8$

Total costs to account for $fill in the blank ea$5550$ff$3010$fff$\_9$

Costs accounted for:

Transferred out $fill in the blank ea$5550$ff$3010$fff$\_10$

Ending work in process fill in the blank ea$5550$ff$3010$fff$\_11$

Total costs accounted for $fill in the blank ea$5550$ff$3010$fff$\_12$

Note: Cost reconciliation totals differ due to rounding error.

Question Content Area

Prepare journal entries that show the flow of manufacturing costs for the Assembly Department. $($a$)$ Materials are added at the end of the process, $($b$)$ conversion costs are recorde