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Calculate the costs transferred out of each department

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Reference no: EM132380213

Cost Flows

Lamont Company produced 80,000 machine parts for diesel engines. There were no beginning or ending work-in-process inventories in any department. Lamont incurred the following costs for May:

 

Molding
Department

Grinding
Department

Finishing
Department

Direct materials

$12,000

$5,400

$8,000

Direct labor

10,000

8,500

12,000

Applied overhead

17,000

14.000

11.000

Required:

 

 

 

1. Calculate the costs transferred out of each department. Costs Transferred Out

Molding

Grinding

Finishing

2. Prepare the journal entries corresponding to these transfers. Also, prepare the journal entry for Grinding that reflects the costs added to the transferred-in goods received from Molding. For a compound transaction, if an amount box does not require an entry, leave it blank.
Transfer entries:

Cop-added entry (GrinOng on/y):

3. What if the Grinding Department had an ending W1P of $11,0007 Calculate the cost transferred out.

Provide the journal entry that would reflect this transfer.

What is the effect on finished goods calculated in Requirement 1, assuming the other two departments have no ending WIP?

Reference no: EM132380213

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