Review the process costing worksheet below, then scroll down and click within the boxed areas of the two journal entries. Pick lists will launch. Click on the pick list icon to reveal a drop-down menu of choices. Select the correct choices to complete the journal entries. Correct selections will turn the boxed areas green.
UNIT RECONCILIATION:
Quantity Schedule
Beginning Work in Process 200,000
Started into Production 400,000
Total Units into Production 600,000
Equivalent Units Calculations:
Conversion
Direct Materials
Direct Labor
Factory Overhead
Transferred to Department B 500,000 500,000 500,000 500,000
Ending Work in Process 100,000 80,000 50,000 50,000
Total Units Reconciled 600,000 580,000 550,000 550,000
Cost Per Equivalent Unit:
Conversion
Total Cost
Direct Materials
Direct Labor
Factory Overhead
Beginning Work in Process 748,000 375,000 300,000 73,000
Started into Production 1,600,000 785,000 690,000 125,000
Total Cost 2,348,000 1,160,000 990,000 198,000
Equivalent Units -: 580,000 -: 550,000 -: 550,000
Cost Per Equivalent Unit: 2 1.8 0.36
Cost Per Equivalent Unit:
Equivalent Units (from above):
Conversion
Total Cost
Direct Materials
Direct Labor
Factory Overhead
Transferred to Department B 2,080,000 500,000 500,000 500,000
Ending Work in Process
Incurred (Material @ $2.00) 160,000 80,000
Incurred (Conversion @ $2.16) 108,000 50,000 50,000
Total Ending Work in Process 268,000
Total Cost Allocation 2,348,000
Work in Process Inventory - Dept. A ?
Raw Materials Inventory ?
Salaries Payable ?
Factory Overhead ?
To record material, labor, and overhead for Department A
Work in Process Inventory - Dept. B ?
Work in Process Inventory - Dept. A ?
To record transfer of units from Department A to BUnidentifiedUnidentified