Process costing serves two related purposes. First, it measures the cost of goods manufactured on both a total and per-unit basis.

Best Available Writers

You will create this assignment following the Assignment Detail instructions below. This assignment will be submitted in the Unit 3 – Submission Assignment 1 lesson in intellipath.Review the tutorial titled How to Submit the Intellipath Submission Assignment.Please submit your work to this week’s Intellipath Unit Submission lesson. Click the Upload button within the submission lesson to access the submission area. Click the Select File button to upload your document, and then click “OK” to finish. Assignment Details

Process costing serves two related purposes. First, it measures the cost of goods manufactured on both a total and per-unit basis. This information is used in valuing inventories and in recording the cost of goods sold. But process costing also provides management with information about the per-unit cost of performing each step in the production process. This information is useful in evaluating the efficiency of production departments and often draws attention to potential cost savings.

Milton Manufacturing uses a process costing system. Products are processed successively by Department × 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:

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

The cost of work in process in Department Y at May 31 has been determined to be $113,500.Process costing system-journal entries

Recreate the following table and prepare a general journal entry summarizing each of the following transaction categories for the month of May (you may omit explanations):

The transfer of production from Department × 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.

Please submit your assignment.

For assistance with your assignment, please use your text, Web resources, and all course materials.

Your assignment will be graded in accordance with the following criteria. Click here to view the grading rubric.

If you are planning to repurpose an assignment or submit one you have used before, please let your instructor know. If an instructor is not made aware of work being repurposed or reused, he or she will treat the assignment as a plagiarized task and reserves the right to post an F grade and submit a task for review to administration until proof of originality is provided. Click here for more information.The following are some tips if you have problems submitting your assignment:

  1. Resave in the proper format per the Assignment Detail instructions, and resubmit.
  2. Submit with a different Web browser.
  3. Submit from a different computer.
  4. Call Technical Support at 877-221-5800, Menu Option 2. They are open 24/7.
  5. If you are still having difficulties after trying steps 1–4, please contact your course instructor.

Best Available Writers