Question

In: Accounting

Off RoadOff Road manufactures auto roof racks in a? two-stage process that includes shaping and plating....

Off RoadOff Road manufactures auto roof racks in a? two-stage process that includes shaping and plating. Steel alloy is the basic raw material of the shaping process. The steel is moulded according to the design specifications of automobile manufacturers? (Ford and General? Motors). The Plating Department then adds an anodized finish. At March? 31, before recording the transfer of cost from the Plating Department to Finished Goods? Inventory, the Off RoadOff Road general ledger included the following? account:

1. Fill in the time line for the Plating Department.

start complete complete

2. Prepare the March production cost report for the Plating Department. Before we can start the production cost report we must first compute the Plating? Department's equivalent units. ?(For entries with a zero? balance, make sure to enter? "0" in the appropriate? cell.)

Off Road

Plating Department

Equivalent Unit Computations (Weighted-Average)

Flow of

Equivalent Units

Physical

Transferred-

Direct

Conversion

Flow of Production

Units

in

Materials

Costs

Units accounted for:

Total equivalent units

Now we will begin the production cost report by completing the first half of the report. Compute the cost per equivalent unit. ?(For entries with a zero? balance, make sure to enter? "0" in the appropriate? column.)

Off Road

Plating Department

Production Cost Report (Weighted-Average)

Transferred-

Direct

Conversion

in

Materials

Costs

Total

Cost per equivalent unit

Complete the March production cost report by assigning the costs to units completed and transferred out and to ending inventory. ?(Enter quantities? first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step. For entries with a zero? balance, make sure to enter? "0" in the appropriate? cell(s). Round your answers to the nearest whole? dollar.)

???

Off Road

Plating Department

Production Cost Report (Weighted-Average Method)

Transferred-

Direct

Conversion

Total

in

Materials

Costs

Costs

Assignment of total costs:

x (

+

+

)

x

x

x

Total cost accounted for

Requirement 3. Journalize all transactions affecting the Plating Department during? March, including the entries that have already been posted.

Record the journal entry for the cost of the units transferred in from the Shaping Department. ?(Record debits? first, then credits. Explanations are not? required.)

Journal Entry

Date

Accounts

Debit

Credit

Record the direct? materials, direct? labour, and manufacturing overhead assigned to the Plating Department.

??

Journal Entry

Date

Accounts

Debit

Credit

Prepare the journal entry to record the cost of units completed and transferred out.

Journal Entry

Date

Accounts

Debit

Credit

Work in Process Inventory -Plating
March 1 balance 26,370
Transferred-in from Shaping 28,800
Direct materials 28,600
Direct labour 20,867
Manufacturing overhead 36,763

Solutions

Expert Solution

Date Account's tittle Debit $ Credit $
Work in process- Plating                      28,800
Work in process- Shaping                  28,800
( Transfer from shaping department )
Direct Materials                      28,600
Cash                  28,600
( Material cost incurred)
Work in process- Plating                      28,600
Direct Materials                  28,600
( Direct materials are issued for production)
Direct Labor                      20,867
Cash                  20,867
( Labor cost incurred)
Work in process- Plating                      20,867
Direct Labor                  20,867
( Direct labor cost charged to production )
Manufacturing overhead                      36,763
Cash                  36,763
( Manufacturing overhead incurred )
Work in process- Plating                      36,763
Manufacturing overhead                  36,763
( Manufacturing overhead costs charged to production )

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