Weighted Average Method, Journal Entries

Required:

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:

Units, beginning work in process

Units started in Februan

Units accounted for:

Units completed and transferred out:

Started and completed $v$

Units, endina work in process

Total units accounted fo

Feecthack

rCheck My Work

a$.$ The physical flow schedule traces the units in process regardless of their stage of completion.

b$.$ An equivalent units calculation

$\backslash$table$[[$Total equivalent units,$],[$Direct Materials,$35,000]]$

Conversion Costs $34,000$

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

Cost of goods transferred out: $!$

e$.$ A cost reconciliation, When required, round your answers to the nearest dollar.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 $$56,750$ $$40,250$

Conversion costs $$103,500$ $$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, beginning work in process

$10,000$

Units started in February

Units started in February

$25,000$

Total units to account for fill in the blank $82$eab$40$cc$07504$b$\_5$

$35,000$

Units accounted for: blank

Units completed and transferred out:

Started and completed

Started and completed

$20,000$

From beginning work in process

From beginning work in process

$10,000$

Units, ending work in process

Units, ending work in process

$5,000$

Total units accounted for fill in the blank $82$eab$40$cc$07504$b$\_12$

$35,000$

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Feedback

a$.$ The physical flow schedule traces the units in process regardless of their stage of completion.

Question Content Area

b$.$ An equivalent units calculation

Total equivalent units

Direct Materials fill in the blank $06$b$80$a$03$bfd$706$e$\_1$

$35,000$

Conversion Costs fill in the blank $06$b$80$a$03$bfd$706$e$\_2$

$34,000$

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

$fill in the blank $06$b$80$a$03$bfd$706$e$\_3$

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 $06$b$80$a$03$bfd$706$e$\_4$

Cost of goods transferred out: $fill in the blank $06$b$80$a$03$bfd$706$e$\_5$