Prepare journal entry for transfer of goods out

Assignment Help Taxation

Reference no: EM132899469

Weighted Average and Journal Entries

Satellite Assembly DEPT. 1

Physical Direct Conversion

Units Materials Costs

Beg. WIP (May 1) 8 $ 4,968,000 $ 928,000

Started in May 58

Normal Spoilage 4

Abnormal Spoilage ?

Completed during May ?

End WIP (May 31) 20

Costs added during May $32,200,000 $13,920,000

End WIP Degree of completion:

Direct materials, 60%

Conversion Cost, 30%

Spoilage is detected at the end of the process.

DEPT. 2 Information:

Beg. WIP (May 1) 26

Transferred In ?

Normal Spoilage 2

Abnormal Spoilage 2

Completed during May 50

End WIP (May 31) 12

REQUIRED:

CALCULATE for DEPT. 1:

1) Equivalent units

2) Equivalent unit cost

3) Production Cost Worksheet

4) Prepare Journal entry for transfer of goods out to DEPT. 2

Reference no: EM132899469

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