FIFO Method, Two-Department Analysis Muskoge Company uses a process-costing system. The company manufactures a product t
Posted: Wed Jul 06, 2022 6:09 am
FIFO Method, Two-Department Analysis
Muskoge Company uses a process-costing system. The companymanufactures a product that is processed in two departments:Molding and Assembly. In the Molding Department, direct materialsare added at the beginning of the process; in the AssemblyDepartment, additional direct materials are added at the end of theprocess. In both departments, conversion costs are incurreduniformly throughout the process. As work is completed, it istransferred out. The following table summarizes the productionactivity and costs for February:
Molding AssemblyBeginning 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 $56,250 $40,250 Conversion costs $106,500 $143,000 Percentage of completion: Beginning inventory 40% 50% Ending inventory 80 50 Required:
Question Content Area1. Using the FIFO method, prepare the following for the MoldingDepartment:
a. A physical flow schedule
Muskoge CompanyMolding DepartmentPhysical Flow ScheduleUnits to account for: blank blank
- Select -
- Select -Total units to account for fill in the blank be1dfe02fffdfdf_5Units accounted for: blank blankUnits completed and transferred out:
- Select -
- Select -
- Select -Total units accounted for fillin the blank be1dfe02fffdfdf_12Question Content Areab. An equivalent units calculation
Total Equivalent UnitsDirect Materials fill in the blank87440006f012fb4_1Conversion Costs fill in the blank87440006f012fb4_2
c. Calculation of unit costs. Round your answer to the nearestcent.$fill in the blank 87440006f012fb4_3 per unit
d. Cost of ending work in process and cost of goods transferredout.
Cost of ending work in process: $fill in the blank87440006f012fb4_4
Cost of goods transferred out: $fill in the blank87440006f012fb4_5e. A cost reconciliation.
Costs to account for: Beginning work in process $fill in the blank87440006f012fb4_6Costs incurred fill in the blank87440006f012fb4_7Total costs to account for $fill in the blank87440006f012fb4_8Costs accounted for: Transferred out $fill in the blank87440006f012fb4_9Ending work in process fill in the blank87440006f012fb4_10Total costs accounted for $fill in the blank87440006f012fb4_11Question Content Area2. Prepare journal entries that show the flow of manufacturingcosts for the Molding Department. (a) Materials are added at thebeginning of the process, (b) conversion costs are recorded, and(c) units are transferred to the Assembly Department.
(a) - Select -
- Select -(b) - Select -
- Select -(c) - Select -
- Select -Question Content Area3. Repeat Requirements 1 and 2 for the Assembly Department.
a. A physical flow schedule
Muskoge CompanyAssembly DepartmentPhysical Flow ScheduleUnits to account for: blank blank
- Select -
- Select -Total units to account for fill in the blank e0f1fbfb503e073_5Units accounted for: blank blankUnits completed and transferred out:
- Select -
- Select -
- Select -Total units accounted for fillin the blank e0f1fbfb503e073_12Question Content Areab. An equivalent units calculation
Total Equivalent UnitsDirect Materials fill in the blank2f879302c011fdc_1Conversion Costs fill in the blank2f879302c011fdc_2Transferred In fill in the blank2f879302c011fdc_3c. Calculation of unit costs. If required, round your intermediatecomputations and final answer to four decimal places and use therounded answer in subsequent computations.$fill in the blank 2f879302c011fdc_4 per unit
d. Compute the following. For interim computations, carryamounts out to four decimal places. Round your final answers to thenearest dollar.
Cost of ending work in process: $fill in the blank2f879302c011fdc_5
Cost of goods transferred out: $fill in the blank2f879302c011fdc_6e. A cost reconciliation. When necessary, round equivalent cost perunit to four decimal places, and round all other amounts to thenearest dollar.
Costs to account for: Beginning work in process $fill in the blank2f879302c011fdc_7Costs incurred fill in the blank2f879302c011fdc_8Total costs to account for $fill in the blank2f879302c011fdc_9Costs accounted for: Transferred out $fill in the blank2f879302c011fdc_10Ending work in process fill in the blank2f879302c011fdc_11Total costs accounted for $fill in the blank2f879302c011fdc_12Note: Cost reconciliation totals differ by $1 due to roundingerror.
Question Content AreaPrepare journal entries that show the flow of manufacturing costsfor the Assembly Department. (a) Materials are added at the end ofthe process, (b) conversion costs are recorded, and (c) the unitsare transferred to Finished Goods.
(a) - Select -
- Select -(b) - Select -
- Select -(c) - Select -
- Select -
Muskoge Company uses a process-costing system. The companymanufactures a product that is processed in two departments:Molding and Assembly. In the Molding Department, direct materialsare added at the beginning of the process; in the AssemblyDepartment, additional direct materials are added at the end of theprocess. In both departments, conversion costs are incurreduniformly throughout the process. As work is completed, it istransferred out. The following table summarizes the productionactivity and costs for February:
Molding AssemblyBeginning 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 $56,250 $40,250 Conversion costs $106,500 $143,000 Percentage of completion: Beginning inventory 40% 50% Ending inventory 80 50 Required:
Question Content Area1. Using the FIFO method, prepare the following for the MoldingDepartment:
a. A physical flow schedule
Muskoge CompanyMolding DepartmentPhysical Flow ScheduleUnits to account for: blank blank
- Select -
- Select -Total units to account for fill in the blank be1dfe02fffdfdf_5Units accounted for: blank blankUnits completed and transferred out:
- Select -
- Select -
- Select -Total units accounted for fillin the blank be1dfe02fffdfdf_12Question Content Areab. An equivalent units calculation
Total Equivalent UnitsDirect Materials fill in the blank87440006f012fb4_1Conversion Costs fill in the blank87440006f012fb4_2
c. Calculation of unit costs. Round your answer to the nearestcent.$fill in the blank 87440006f012fb4_3 per unit
d. Cost of ending work in process and cost of goods transferredout.
Cost of ending work in process: $fill in the blank87440006f012fb4_4
Cost of goods transferred out: $fill in the blank87440006f012fb4_5e. A cost reconciliation.
Costs to account for: Beginning work in process $fill in the blank87440006f012fb4_6Costs incurred fill in the blank87440006f012fb4_7Total costs to account for $fill in the blank87440006f012fb4_8Costs accounted for: Transferred out $fill in the blank87440006f012fb4_9Ending work in process fill in the blank87440006f012fb4_10Total costs accounted for $fill in the blank87440006f012fb4_11Question Content Area2. Prepare journal entries that show the flow of manufacturingcosts for the Molding Department. (a) Materials are added at thebeginning of the process, (b) conversion costs are recorded, and(c) units are transferred to the Assembly Department.
(a) - Select -
- Select -(b) - Select -
- Select -(c) - Select -
- Select -Question Content Area3. Repeat Requirements 1 and 2 for the Assembly Department.
a. A physical flow schedule
Muskoge CompanyAssembly DepartmentPhysical Flow ScheduleUnits to account for: blank blank
- Select -
- Select -Total units to account for fill in the blank e0f1fbfb503e073_5Units accounted for: blank blankUnits completed and transferred out:
- Select -
- Select -
- Select -Total units accounted for fillin the blank e0f1fbfb503e073_12Question Content Areab. An equivalent units calculation
Total Equivalent UnitsDirect Materials fill in the blank2f879302c011fdc_1Conversion Costs fill in the blank2f879302c011fdc_2Transferred In fill in the blank2f879302c011fdc_3c. Calculation of unit costs. If required, round your intermediatecomputations and final answer to four decimal places and use therounded answer in subsequent computations.$fill in the blank 2f879302c011fdc_4 per unit
d. Compute the following. For interim computations, carryamounts out to four decimal places. Round your final answers to thenearest dollar.
Cost of ending work in process: $fill in the blank2f879302c011fdc_5
Cost of goods transferred out: $fill in the blank2f879302c011fdc_6e. A cost reconciliation. When necessary, round equivalent cost perunit to four decimal places, and round all other amounts to thenearest dollar.
Costs to account for: Beginning work in process $fill in the blank2f879302c011fdc_7Costs incurred fill in the blank2f879302c011fdc_8Total costs to account for $fill in the blank2f879302c011fdc_9Costs accounted for: Transferred out $fill in the blank2f879302c011fdc_10Ending work in process fill in the blank2f879302c011fdc_11Total costs accounted for $fill in the blank2f879302c011fdc_12Note: Cost reconciliation totals differ by $1 due to roundingerror.
Question Content AreaPrepare journal entries that show the flow of manufacturing costsfor the Assembly Department. (a) Materials are added at the end ofthe process, (b) conversion costs are recorded, and (c) the unitsare transferred to Finished Goods.
(a) - Select -
- Select -(b) - Select -
- Select -(c) - Select -
- Select -