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Question Content Area
Cost of Production and Journal Entries

AccuBlade Castings Inc. casts blades for turbine engines. Within the Casting Department, alloy is first melted in a crucible, then poured into molds to produce the castings. On May 1, there were 600 pounds of alloy in process, which were 40% complete as to conversion. The Work in Process balance for these 600 pounds was $74,640, determined as follows:

Direct materials (600 × $120) $72,000
Conversion (600 × 40% × $11) 2,640
$74,640
During May, the Casting Department was charged $649,600 for 5,600 pounds of alloy and $22,720 for direct labor. Factory overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 5,800 pounds of finished castings to the Machining Department. The May 31 inventory in process was 30% complete as to conversion.

Question Content Area
a1. Prepare the May journal entry for the Casting Department for the materials charged to production. If an amount box does not require an entry, leave it blank.

blank
Work in Process-Casting Department
649,600

Materials-Alloy
649,600
Question Content Area
a2. Prepare the May journal entry for the Casting Department for the conversion costs charged to production. If an amount box does not require an entry, leave it blank.

blank
Work in Process-Casting Department

Wages Payable
22,720

Factory Overhead
34,080
Question Content Area
a3. Prepare the May journal entry for the Casting Department for the completed production transferred to the Machining Department. If an amount box does not require an entry, leave it blank.

blank
Work in Process-Machining Department

Work in Process-Casting Department
Question Content Area
b. Determine the Work in Process—Casting Department May 31 balance.
$fill in the blank d60ff1fe1f87fe5_1
c. Compute the change in the costs per equivalent unit for direct materials and conversion from the previous month (April).

Cost per Equivalent Unit
Change in materials
$fill in the blank d60ff1fe1f87fe5_3
Change in conversion
fill in the blank d60ff1fe1f87fe5_5

Sagot :

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