32.000 Support Two Departments. Journal Entries with Supporting Calculations-Weighted Average Method Patterson Laboratories, Inc., produces one of its products in two successive departments. All materials are added at the beginning of the process in Department 1; no materials are used in Department 2. Conversion costs are incurred evenly in both departments. Patterson uses the weighted average method for process costing January 1, 2019, inventory account balances are as follows: Materials inventory $30,000 Work in process Department 1 (3.000 units, 30% complete Direct material 4560 Conversion costs 10.640 Work in process-Department 23.550 units, on completed 43.439 Finished goods inventory (2.000 units 516) During January, the following transactions occurred: 1. Purchased material on account, 590,000 2. Placed $84,000 of material into process in Department 1. This $84,000 represents 24.000 units of materials 3. Distributed total payroll costs: $108,116 of direct labor to Department 1, 562,700 of direct labor to Department 2 and $51,000 of indirect labor to Manufacturing Overhead. 4. Incurred other actual manufacturing overhead costs $81,000. (Credit Other Accounts.) 5. Applied overhead to the two processing departments: $88.000 to Department 1 and 543.900 to Department 2 6. Transferred 25,000 completed units from Department 1 to Department 2. The 2.000 units remaining in Department 1 were 20% completed with respect to conversion costs 7. Transferred 26,000 completed units from Department to finished goods inventory. The 2.550 units remaining in Department 2 were 70% completed with respect to conversion costs. 8. Sold 20.000 units on account at $27 per unit Patterson Road M Type here to search o 9 D for the finished goods inventory. Part A Part B Part C Part Debit OX Support 0 ON 3 OV Record the January transactions in general journal form for Department 1 and Department 2. Hint : Complete the product cost reports for Departments 1 and 2 before entering journal entries for transactions 6, 7 and 8. General Journal Ref. Description Credit 1 Materials inventory OX O Accounts Payable 0 2 Work in process Department OX Materials inventory O Work in process Department OX Work in process Department 2 OM Marvufacturing overhead OM Wages payable O Manufacturing overhead Other accounts 5 Work in process Department Work in process-Department 2 Manufacturing overhead Work in process Department 2 Work in process-Department1 O O OM OM 4 OV O OX OX 0 OM O OX OX 0 6 OM SMM 39000 o Type here to search 2 Finished goods inventory OX 0 Work in process Department 2 . 07 OX 8 Accounts receivable . 0 Sales 0 OX To record sales. Cost of goods sold OX 0 Finished goods inventory 0 OX To record cost of goods sold. Determine the balances remaining in the Materials inventory account, in each work in process account, and in the Finished Goods Inventory account. Check You have correctly selected 71. Partially corre Marks for this submission: 0.45/1.00. Finish attempt... Previous Save Answers PM 9/3/2020 B O BI Type here to search b. Prepare a product cost report (with its supporting calculations) for Department 1. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Patterson Laboratories, Inc. Department 1 Flow of Units and Equivalent Units Calculations, January 2019 Equivalent Units Work Direct N Work Conversion Done Materials Done Costs Complete/Transferred 25.000 100% 25.000 100% 25.000 Ending twentory 2.000 100% 2.000 20% 400 TOM 27,000 27.000 25.400 Support Product Cost Report Direct Conversion Materials Costs Beginning inventory $ 15.2005 4.560 10.640 Current 234,700 K 84.000 150,700 K Total Costs to Account for 249.900 MS 88.560 S 161,340 K + TL Event Units 27.000 25.400 Average cost Equivalent unit round 2 decimal places) $ OMS Complete / Transferred Direct Material $ ON Conversion costs O Cost of Goods Manufactured 5 ON de 9:35 PM SR o Type here to search Cost of Goods Manufactured $ OX Ending Inventory Direct Materials $ OX Conversion costs OX Cost of Ending Inventory $ OX $ Total Costs Allocated OX Determine the balances remaining in the Materials Inventory account, in each work in process account, and in the Finished Goods Inventory account Check You have correctly selected 71 Partially correct Marks for this submission: 0.45/1.00. Finish attempt. Previous Save Answers MPM WO 9 0 E E Type here to search c. Prepare a product cost report (with its supporting calculations) for Department 2. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Patterson Laboratories, Inc. Department 2 Flow of Units and Equivalent Units Calculations, January 2019 Equivalent Units Direct Work Conversion Materials Done Complete Transferred OX 0% x Ending Inventory 0% X Total * Work Done Costs OX OK D% 09 X OX OX OX DX OX OX Product Cost Report ONS OX ONS Direct Conversion Materials Costs OS OK OK OX $ ONS OX OM OMS $ ON Beginning Inventory Current Total Costs to Account for Total Equivalent Units Average cost/Equivalent unit round 2 decimal places) Complete / Transferred: Direct Materials Conversion costs Cost of Goods Manufactured $ OM OX OM SMPM 20 de a Type here to search Cost of Goods Marvufactured $ OX Ending Inventory Direct Materials $ DX Conversion costs OX Cost of Ending Inventory 5 OX Total Costs Allocated $ OX d. Determine the balances remaining in the Materials Inventory account, in each work in process account, and in the Finished Goods Inventory account. Check Support You have correctly selected 71. Partially correct Marks for this submission 0.45/1.00 Finish attempt.. Previous Save Answers 9:37 PM 9/22 o Type here to search Determine the balances remaining in the Materials Inventory account in each work in process account, and in the Finished Goods Inventory account. Enter answers in the order of your journal entries in part a. using the first available answer box in the appropriate debit or credit column. Materials Inventory OX Ox OX 0 OX O Work in Process-Dept. 1 OX OX Bal Bal Bal OX 0 0 X 0 OX 0 OX 0 Work in Process-Dept. 2 OX 0.X OX 0 Bal OX 0 OX 0 Bal OM O Finished Goods inventory OX OX OX OV OX Bal 27P 120 O I E EF Type here to search c. Prepare a product cost report (with its supporting calculations) for Department 2. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calcu Patterson Laboratories, Inc. Department 2 Flow of Units and Equivalent Units Calculations, January 2019 Equivalent Units % Work Direct % Work Conversion Done Materials Done Costs Complete/Transferred 26,000 100% 26,000 100 % 26,000 Ending Inventory 2,550 40 % X 2,550 40% X 1,785 Total 28,550 28,550 27,785 Product Cost Report Direct Conversion Materials Costs 0 $ 43,439 285,500 106,600 $ 43,439 $ 392,100 435,539 $ 285,500 $ 150,039 140,400 x 260,000 x 15,4 X $ $ 5.4 Beginning Inventory Current Total Costs to Account for + Total Equivalent Units Average cost / Equivalent unit (round 2 decimal places) Complete / Transferred: Direct Materials Conversion costs Cost of Goods Manufactured Endina inventona Type here to search $ 0 x 0 x OX OR 27.705 Product Cost Report $ 43,439 $ 392,100 435.539 $ Direct Conversion Materials Costs 0$ 43.439 285.500 106.600 285,500 $ 150,039 260,000 X 140.400 x 15.4 XS 5.4 $ $ $ Beginning Inventory Current Total Costs to Account For + Total Equivalent Units Average cost / Equivalent unit (round 2 decimal places) Complete / Transferred: Direct Materials Conversion costs Cost of Goods Manufactured Ending Inventory: Direct Materials Conversion costs Cost of Ending Inventory Total Costs Allocated OX 0 x $ OX $ $ OX OX OX d. Determine the balances remaining in the Materials Inventory account, in each work in process account, ar Check Check Type here to search O hp & 3 4 5 6 Q WER Determine the balances remaining in the Materials Inventory account in each work in process account and in the Finished Goods Inventory account Enter answers in the order of your journal entries in part a., using the first available answer box in the appropriate debitor credit column. Bal. Bal. Materials Inventory OX OX OX 0 OX 0 Work in Process-Dept. 1 OX OX OX O OX O Bal. OX Ball Bal. OX 0 Work in Process-Dept. 2 OX 0 Ox 0 0 x 0 OX 0 0 x 0 Finished Goods Inventory OX 0 OX 0 OX O Bal. Bal Bal o RE EE Type here to search 32.000 Support Two Departments. Journal Entries with Supporting Calculations-Weighted Average Method Patterson Laboratories, Inc., produces one of its products in two successive departments. All materials are added at the beginning of the process in Department 1; no materials are used in Department 2. Conversion costs are incurred evenly in both departments. Patterson uses the weighted average method for process costing January 1, 2019, inventory account balances are as follows: Materials inventory $30,000 Work in process Department 1 (3.000 units, 30% complete Direct material 4560 Conversion costs 10.640 Work in process-Department 23.550 units, on completed 43.439 Finished goods inventory (2.000 units 516) During January, the following transactions occurred: 1. Purchased material on account, 590,000 2. Placed $84,000 of material into process in Department 1. This $84,000 represents 24.000 units of materials 3. Distributed total payroll costs: $108,116 of direct labor to Department 1, 562,700 of direct labor to Department 2 and $51,000 of indirect labor to Manufacturing Overhead. 4. Incurred other actual manufacturing overhead costs $81,000. (Credit Other Accounts.) 5. Applied overhead to the two processing departments: $88.000 to Department 1 and 543.900 to Department 2 6. Transferred 25,000 completed units from Department 1 to Department 2. The 2.000 units remaining in Department 1 were 20% completed with respect to conversion costs 7. Transferred 26,000 completed units from Department to finished goods inventory. The 2.550 units remaining in Department 2 were 70% completed with respect to conversion costs. 8. Sold 20.000 units on account at $27 per unit Patterson Road M Type here to search o 9 D for the finished goods inventory. Part A Part B Part C Part Debit OX Support 0 ON 3 OV Record the January transactions in general journal form for Department 1 and Department 2. Hint : Complete the product cost reports for Departments 1 and 2 before entering journal entries for transactions 6, 7 and 8. General Journal Ref. Description Credit 1 Materials inventory OX O Accounts Payable 0 2 Work in process Department OX Materials inventory O Work in process Department OX Work in process Department 2 OM Marvufacturing overhead OM Wages payable O Manufacturing overhead Other accounts 5 Work in process Department Work in process-Department 2 Manufacturing overhead Work in process Department 2 Work in process-Department1 O O OM OM 4 OV O OX OX 0 OM O OX OX 0 6 OM SMM 39000 o Type here to search 2 Finished goods inventory OX 0 Work in process Department 2 . 07 OX 8 Accounts receivable . 0 Sales 0 OX To record sales. Cost of goods sold OX 0 Finished goods inventory 0 OX To record cost of goods sold. Determine the balances remaining in the Materials inventory account, in each work in process account, and in the Finished Goods Inventory account. Check You have correctly selected 71. Partially corre Marks for this submission: 0.45/1.00. Finish attempt... Previous Save Answers PM 9/3/2020 B O BI Type here to search b. Prepare a product cost report (with its supporting calculations) for Department 1. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Patterson Laboratories, Inc. Department 1 Flow of Units and Equivalent Units Calculations, January 2019 Equivalent Units Work Direct N Work Conversion Done Materials Done Costs Complete/Transferred 25.000 100% 25.000 100% 25.000 Ending twentory 2.000 100% 2.000 20% 400 TOM 27,000 27.000 25.400 Support Product Cost Report Direct Conversion Materials Costs Beginning inventory $ 15.2005 4.560 10.640 Current 234,700 K 84.000 150,700 K Total Costs to Account for 249.900 MS 88.560 S 161,340 K + TL Event Units 27.000 25.400 Average cost Equivalent unit round 2 decimal places) $ OMS Complete / Transferred Direct Material $ ON Conversion costs O Cost of Goods Manufactured 5 ON de 9:35 PM SR o Type here to search Cost of Goods Manufactured $ OX Ending Inventory Direct Materials $ OX Conversion costs OX Cost of Ending Inventory $ OX $ Total Costs Allocated OX Determine the balances remaining in the Materials Inventory account, in each work in process account, and in the Finished Goods Inventory account Check You have correctly selected 71 Partially correct Marks for this submission: 0.45/1.00. Finish attempt. Previous Save Answers MPM WO 9 0 E E Type here to search c. Prepare a product cost report (with its supporting calculations) for Department 2. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Patterson Laboratories, Inc. Department 2 Flow of Units and Equivalent Units Calculations, January 2019 Equivalent Units Direct Work Conversion Materials Done Complete Transferred OX 0% x Ending Inventory 0% X Total * Work Done Costs OX OK D% 09 X OX OX OX DX OX OX Product Cost Report ONS OX ONS Direct Conversion Materials Costs OS OK OK OX $ ONS OX OM OMS $ ON Beginning Inventory Current Total Costs to Account for Total Equivalent Units Average cost/Equivalent unit round 2 decimal places) Complete / Transferred: Direct Materials Conversion costs Cost of Goods Manufactured $ OM OX OM SMPM 20 de a Type here to search Cost of Goods Marvufactured $ OX Ending Inventory Direct Materials $ DX Conversion costs OX Cost of Ending Inventory 5 OX Total Costs Allocated $ OX d. Determine the balances remaining in the Materials Inventory account, in each work in process account, and in the Finished Goods Inventory account. Check Support You have correctly selected 71. Partially correct Marks for this submission 0.45/1.00 Finish attempt.. Previous Save Answers 9:37 PM 9/22 o Type here to search Determine the balances remaining in the Materials Inventory account in each work in process account, and in the Finished Goods Inventory account. Enter answers in the order of your journal entries in part a. using the first available answer box in the appropriate debit or credit column. Materials Inventory OX Ox OX 0 OX O Work in Process-Dept. 1 OX OX Bal Bal Bal OX 0 0 X 0 OX 0 OX 0 Work in Process-Dept. 2 OX 0.X OX 0 Bal OX 0 OX 0 Bal OM O Finished Goods inventory OX OX OX OV OX Bal 27P 120 O I E EF Type here to search c. Prepare a product cost report (with its supporting calculations) for Department 2. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calcu Patterson Laboratories, Inc. Department 2 Flow of Units and Equivalent Units Calculations, January 2019 Equivalent Units % Work Direct % Work Conversion Done Materials Done Costs Complete/Transferred 26,000 100% 26,000 100 % 26,000 Ending Inventory 2,550 40 % X 2,550 40% X 1,785 Total 28,550 28,550 27,785 Product Cost Report Direct Conversion Materials Costs 0 $ 43,439 285,500 106,600 $ 43,439 $ 392,100 435,539 $ 285,500 $ 150,039 140,400 x 260,000 x 15,4 X $ $ 5.4 Beginning Inventory Current Total Costs to Account for + Total Equivalent Units Average cost / Equivalent unit (round 2 decimal places) Complete / Transferred: Direct Materials Conversion costs Cost of Goods Manufactured Endina inventona Type here to search $ 0 x 0 x OX OR 27.705 Product Cost Report $ 43,439 $ 392,100 435.539 $ Direct Conversion Materials Costs 0$ 43.439 285.500 106.600 285,500 $ 150,039 260,000 X 140.400 x 15.4 XS 5.4 $ $ $ Beginning Inventory Current Total Costs to Account For + Total Equivalent Units Average cost / Equivalent unit (round 2 decimal places) Complete / Transferred: Direct Materials Conversion costs Cost of Goods Manufactured Ending Inventory: Direct Materials Conversion costs Cost of Ending Inventory Total Costs Allocated OX 0 x $ OX $ $ OX OX OX d. Determine the balances remaining in the Materials Inventory account, in each work in process account, ar Check Check Type here to search O hp & 3 4 5 6 Q WER Determine the balances remaining in the Materials Inventory account in each work in process account and in the Finished Goods Inventory account Enter answers in the order of your journal entries in part a., using the first available answer box in the appropriate debitor credit column. Bal. Bal. Materials Inventory OX OX OX 0 OX 0 Work in Process-Dept. 1 OX OX OX O OX O Bal. OX Ball Bal. OX 0 Work in Process-Dept. 2 OX 0 Ox 0 0 x 0 OX 0 0 x 0 Finished Goods Inventory OX 0 OX 0 OX O Bal. Bal Bal o RE EE Type here to search