Malcom Industries Manufactures a Silicone Paste Wax That Goes Through

question 35

Essay

Malcom Industries manufactures a silicone paste wax that goes through three processing departments: cracking,blending,and packing.All raw materials are introduced at the start of work in the cracking department,with conversion costs being incurred uniformly in each department.The Work-in-Process T-account for the cracking department for July is:
$$\begin{array}{l}\text { Work-in-Process I wentoy (Cracking Department) }\\\begin{array} { | l | r | } \hline \text { Balance, Juby } 1 ( 36,000 \mathrm { lbs } , 4 / 5 \text { done) } & \$ 63,700 \\\hline \text { Direct materials ( } 280,000 \mathrm { lbs } ) & 397,600 \\\hline \text { Conversion costs } & 189,700 \\\hline \text { Balance, Juby } 31 \text { (45,000 lbs, } 23 \text { done) } & ? ? \\\hline \text { Costs transterred to Blending Dept } & ? ? \\\hline\end{array}\end{array}$$
The beginning balance inventory consists of $43,400 in materials cost.Malcom uses the first-in,first-out (FIFO)method to account for its operations.Required (use 4 decimal places for computations):
(a)What would be the Cracking Department inventory balance on July 31?
(b)What would be the cost transferred to the Blending Dept.in July?

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Definitions:

Road To Serfdom

A book by Friedrich Hayek, published in 1944, warning of the potential dangers of government control leading to totalitarianism, arguing for the preservation of individual freedoms.

Laissez-Faire Economics

An economic philosophy of free-market capitalism that opposes government intervention.

Austrian-Born Economist

Refers to economists originating from Austria, particularly those associated with the Austrian School of Economics, known for emphasizing the importance of individual choice and spontaneous order in the economy.

Nazi Germany

The regime led by Adolf Hitler and the National Socialist German Workers' Party from 1933 to 1945, characterized by its totalitarian government and pursuit of aggressive expansion.