e. A cost reconciliation Problem 6.36 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 mate- rials are added at the beginning of the process; in the Assembly Department, additional materials are added at the end of the process. In both departments, conversion costs are incurred JECTIVE 156 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 10,000 8,000 Costs: $ 45,200 Transferred in Direct materials Conversion costs $ 22,000 $ 13,800 $ 16,800 Current production: Units started ? 25,000 30,000 35,000 Units transferred out Costs: Transferred in Direct materials Conversion costs $ 56,250 $103,500 $ 39,550 $136,500 Percentage of completion: Beginning inventory Ending inventory 40% 50% 80 50 Required: 1. Using the weighted average method, prepare the following for the Molding Department: a. A physical flow schedule b. An equivalent units calculation Calculation of unit costs. Round to four decimal places. d. Cost of ending work in process and cost of goods transferred out C. e. A cost reconciliation 2. Prepare journal entries that show the flow of manufacturing costs for the Molding Depare ment. Materials are added at the beginning of the process. 3. Repeat Requirements 1 and 2 for the Assembly Department. VE 246 Problem 6.37 FIFO Method, Two-Department Analysis Refer to the data in Problem 6.36. Required: Repeat the requirements in Problem 6.36 using the FIFO method

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Required information [The following information applies to the questions displayed below.] Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials Conversion Total costs to account for Units 4,300 20,500 24,800 3,700 $ 309,760 1,382,724 Direct Materials Percent Complete 100% 100% Conversion Percent Complete 40% $ 124,510 1,692,484 $ 1,816,994 80%

Assigning indirect costs to departments is completed by ________. applying the predetermined overhead rate debiting the manufacturing costs incurred applying the costs to manufacturing overhead applying the costs to work in process inventory In a process costing system, which account shows the overhead assigned to the department? cost of goods sold • finished goods inventory raw material inventory work in process inventory A print shop produces custom paintings. It has received four different orders (a/B/C/D) The total cost for the four orders is labor $6000, materials $10,000 and overheads for 5,000. What processes/systems would you implement if you wanted to know the cost for each of the orders which are not similar.

Equivalent Units; Cost per Equivalent Unit; Assigning Costs to Units—Weighted-Average Method Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Required: 1. Calculate the first production department’s equivalent units of production for materials and conversion for May. 2. Compute the first production department’s cost per equivalent unit for materials and conversion for May. 3. Compute the first production department’s cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the first production department’s cost of the units transferred to the next production department for materials, conversion, and in total for May.

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FIFO Method, Two-Department Analysis 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   10,000     8,000     Costs:             Transferred in   —     $45,300       Direct materials   $22,000     —       Conversion costs   $13,800     $16,900   Current production:           Units started   25,000     ?     Units transferred out   30,000     35,000     Costs:             Transferred in   —     ?       Direct materials…

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