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PROBLEM - Brandon Processing Company produces a product by passing it through a moulding process and then through an assembly process. Brandon uses the Weighted Average Method for process costing. Information related to manufacturing activities during July follows:
RAW MATERIALS:
Beginning inventory
$100,000
Raw materials purchased on credit
300,000
Direct materials used in moulding
(190,000)
Direct materials used in assembling
(88,600)
Indirect materials used
(51,400)
Ending Inventory
$70,000
FACTORY PAYROLL:
Direct labour used in moulding
$42,000
Direct labour used in assembling
55,375
Indirect labour used
50,625
Total payroll cost (paid with cash)
$148,000
FACTORY OVERHEAD INCURRED:
$51,400
Other overhead costs
71,725
Total factory overhead incurred
$173,750
FACTORY OVERHEAD APPLIED:
Moulding (150% of direct labour)
$63,000
Assembling (200% of direct labour)
110,750
Total factory overhead applied
MOULDING DEPARTMENT:
Beginning work in process inventory (units)
8,000
Percentage completed - materials
100%
Percentage completed - labour and overhead
60%
Units started and completed
17,000
Ending work in process inventory (units)
25%
Costs:
Beginning in process inventory (Materials: $40,000, Direct Labour $10,000, Overhead $3,000)
$53,000
Direct materials added
190,000
Direct labour added
42,000
Overhead applied (150% of direct labour)
63,000
Total costs
348,000
ASSEMBLING DEPARTMENT:
Beginning work in process inventory
$154,800
Ending goods in process inventory
108,325
FINISHED GOODS INVENTORY:
$96,400
Costs transferred in from assembling
578,400
Cost of goods sold
(506,100)
Ending inventory
$168,700
Required:
1. Compute the equivalent units of production for the moulding department for July, and determine the costs per equivalent unit for direct materials, direct labour, and overhead.
2. Compute the cost of the units transferred from moulding to assembling during the month and the cost of the ending work in process inventory for the moulding department.
3. Prepare summary journal entries to record the events of July.
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