2 14 1141 116 94 PROCESS OOST FLDWYS AND REPORTS Lanyard Home Paint Company products exterior latex paint, which It sells in four-Titre container, The company has two processing departments-Base Fab and Finishing. White paint, which is used as a base for all the company's paints, bied from raw ingredients in the Base Fab Department. In the Finishing Department, pigments are added to the basic white paint, the pigmented paint is squirted under pressure into four-iltre containers, and the containers are labelled and packed for shipping Information relating to the company's operations for April is as follows 2 1. Raw matertals were issued for use in production: Base Fab Department, $&$1,000, Finishing Department, $629,000 Direct labour costs were incurred: Base Fab Department, $330.000; Finishing Department, $270 cm 3. Manufacturing overhead cost was applied: Base Fab Department, $665,00D, Finishing Department, $405,000 Paint that had been prepared for shipping was transferred from the Finishing Department to Finished Goods: $3,200,000 5. Required: 4. 1. Prepare journal entries to record items (o) through (d) above. 2. Post the journal entries from (1) above to T-accounts. The balance in the Base Fab Department's Work in Process account on April 1 was $150,000, the balance in the Finishing Department's Work In Process account was $70,000. After posting entries to the T accounts, find the encing balance in each department's Work in Process account 3. Prepare a production report for the Base Fab Department for April. The following additional information is available regarding production in the Base Fab Department during April: Production data for four-litre containers of point Units (containers) in process, Aprit 10% complete as to materiak 60% complete as to labour and owerhead. 30000 Uhits (containers) started into production during Apri. 20,000 Uhts (containers) completed and transferred to the Frishing Department 370000 Uhts (containers) in process, April 30-90%.com to as to materiek, 29% completo as to labour and overhead B0000 Cort data Work in process inventory April Materials S 90.000 Labour 21000 Overhead 37000 $15000D Cost ded during Aprit Materials. Labour 330000 Overhead TES Prepare the journal entry to record the transfer of basic white paint from the Base Fab Department to the Finishing Department, and post it to the appropriate T-accounts (hint: The dollar amount of the transfer was determined in Biabove! 2 14 1141 116 94 PROCESS OOST FLDWYS AND REPORTS Lanyard Home Paint Company products exterior latex paint, which It sells in four-Titre container, The company has two processing departments-Base Fab and Finishing. White paint, which is used as a base for all the company's paints, bied from raw ingredients in the Base Fab Department. In the Finishing Department, pigments are added to the basic white paint, the pigmented paint is squirted under pressure into four-iltre containers, and the containers are labelled and packed for shipping Information relating to the company's operations for April is as follows 2 1. Raw matertals were issued for use in production: Base Fab Department, $&$1,000, Finishing Department, $629,000 Direct labour costs were incurred: Base Fab Department, $330.000; Finishing Department, $270 cm 3. Manufacturing overhead cost was applied: Base Fab Department, $665,00D, Finishing Department, $405,000 Paint that had been prepared for shipping was transferred from the Finishing Department to Finished Goods: $3,200,000 5. Required: 4. 1. Prepare journal entries to record items (o) through (d) above. 2. Post the journal entries from (1) above to T-accounts. The balance in the Base Fab Department's Work in Process account on April 1 was $150,000, the balance in the Finishing Department's Work In Process account was $70,000. After posting entries to the T accounts, find the encing balance in each department's Work in Process account 3. Prepare a production report for the Base Fab Department for April. The following additional information is available regarding production in the Base Fab Department during April: Production data for four-litre containers of point Units (containers) in process, Aprit 10% complete as to materiak 60% complete as to labour and owerhead. 30000 Uhits (containers) started into production during Apri. 20,000 Uhts (containers) completed and transferred to the Frishing Department 370000 Uhts (containers) in process, April 30-90%.com to as to materiek, 29% completo as to labour and overhead B0000 Cort data Work in process inventory April Materials S 90.000 Labour 21000 Overhead 37000 $15000D Cost ded during Aprit Materials. Labour 330000 Overhead TES Prepare the journal entry to record the transfer of basic white paint from the Base Fab Department to the Finishing Department, and post it to the appropriate T-accounts (hint: The dollar amount of the transfer was determined in Biabove