Question
Rejected castings in a foundry are treated as spoilage. During the current period, 80 castings (costing...
Rejected castings in a foundry are treated as spoilage. During the current period, 80 castings (costing $200 each to produce) were spoiled and sold at a net realizable value of $25 each.
Calculate the cost of spoilage, assuming it is abnormal.
| Cost for abnormal spoilage | $
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Prepare the journal entry for normal spoilage.
| Account Titles and Explanation | Debit | Credit |
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Answers
Cost of abnormal spoilage:
a) Cost of 200 castings (200 x 80) = 16000
b) Less: Realized value (25 x 80) = 2000
(a-b) Net cost of abnormal spoilage = 14000
Journal Entry for normal spoilage:
Work in progress A/c 14000
To Material Control A/c 14000
(Spoilage assumed as normal and allocated to production cost of job)
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