Can anyone answers question number 2 for me and explain how you solved the probl
ID: 2538502 • Letter: C
Question
Can anyone answers question number 2 for me and explain how you solved the problem? question 2 continues on the second picture with C and D
1) Process costing system-journal entries Milton Manufacturing uses a process costing system. Products are processed successively by Department x and Department Y and are then transferred to the finished goods warehouse. Shown below is cost information for Department Y during the month of May: 185,000 Cost of work in process at May 1 Cost of units transferred in from Department X 262,000 during May Manufacturing costs added in Department Y Direct materials used Direct labor $210,000 45,000 67,000 322,000 Manufacturing overhead Total costs charged to Department Y as of May 31 The cost of work in process in Department Y at May 31 has been determined to be $113,500 Prepare a general journal entry for the month of May for each of the following categories of transactions (you may omit explanations) (a.) The transfer of production from Departnent x to Department Y (b.) The recording of manufacturing costs incurred in Department Y during May. (Use a single journal entry.) (c.) The transfer of completed units from Department Y to the finished goods warehouse. 2) Process costing with equivalent units and beginning inventory The records of Westminster Manufacturing Company for the month of May show the following costs in Department A: Beginning Inventory Direct Materials Direct Labor Overhead(150%[Direct laborCost) 120,750 405,000 535,500 803,250 $1,864,500 Total The beginning inventory for May consisted of 10,000 units that were 80% complete as to direct materials and 60% complete as to labor and overhead. A total of 100,000 units were completed and transferred out during May, and 20,000 units remained in the work in process inventory. The ending inventory was 80% complete as to direct materials and 40% complete as to labor and overhead. Compute the following: (a) Direct materials cost per equivalent unit: $ (b) Equivalent units of production for direct labor and overhead:Explanation / Answer
Solution for -2
For the Month Ended of May Unit Charged to production Inventory in process, Jan1 10000 Unit Completed & Transferred 100000 Total Unit accounted 110000 Unti to be assigned Equivalent Unit Whole Unit Direct Material Conversion Inventory in process, Jan1 10000 2000 4000 Unit Completed & Transferred 100000 100000 100000 Good Finshed during Jan 110000 102000 104000 Inventory in Process, 31 Jan 20000 16000 8000 total unit to be assigned Cost 130000 118000 112000 Cost information Cost Per Equivalen tUnit Direct Material Conversion Total Cost for May $405,000.00 $1,438,250.00 Totla Equivalent Unit 118000 112000 Cost/ Equivalent Unit $3.43 $12.84 Hence, Direct Material Cost/Equivalent Unit: $ 3.43 Equivalent Unit of Production for direct labour & Overhead: $ 112000 Unit