journal entry 461314
Performance Castings Inc. casts blades for turbine engines. Within the Casting Dept alloy is the first melted in a crucible, then poured into molds to produce teh castings. On March 1, there were 900 pounds of alloy in process, which were 60% complete as to conversion. The Work In Process balance for these 900 pounds was $140,940, deterimed as follows: Direct Materials $135,000 adn Conversion 5,940 = 140,940. During March the casting Department was charged $1,241,000 for 8,500 pounds of alloy and $33,900 for direct labor. Factory Overhead is applied to the department at a rate of 150% of direct labor. The department transferred out 8700 pound of finished castings to the Machining Departement. The March 31 inventory in process was 45% complete as to conversion. Questions:
A. Prepare the March Journal entry for the Casting Department for the materials charged to prodcution.