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A Data Table Gallons 0 gallons 9,900 gallons 5,800 gallons 4, 100 gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in May Ending Work-in-Process Inventory (30% of the way through the blending process) Costs Beginning Work-in-Process Inventory Costs added during May Direct materials Direct labor 4,950 1.912 900 Manufacturing overhead allocated 7.762 Total costs added during May Print Done A Reference Total Costs 7.762 Step-by-Step Painting Production Cost Report - Blending Department (Partial) Month Ended May 31 Direct Conversion COSTS Materials Costs Costs to account for Beginning work-in-process 0 $ Costs added during the period 4,950 2,812 Total costs to account for 4,950 2812 Divided by: Total EUP 9,900 7.030 0.50 $ 0.40 Cost per equivalent unit Costs accounted for Completed and transferred out 2,900 $ 2,320 $ 2,050 Ending work-in-process 4,950 $ 2,812 $ Total costs accounted for 7.762 5.220 2.542 7.762 Print Done Requirement 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the location of manufacturing overhead to the Blonding Department. Also, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department Assume labor costs are accrued and not yet pad Record debits first the credits Exclude expa ns from ournal entre) Begin with the summary journal entry to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Blending Department Date Accounts Debit Credit May 31 Next, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department Date Accounts Debit Credit May 31 Requirement 2. Post the journal entries to the Work-in-Process Inventory-Blending T-account. What is the ending balance? Post the entries using the appropriate descriptions as posting references. Denote the ending balance as "Bal" Work-in-Process Inventory-Blending Beg Bal Requirement 3. What is the average cost pergation transferred out of the Blending Department into the Packaging Department? Why would the company managers want to know this cost? Determine the formula, then enter the amounts to calculate the average cost per gallon transferred out of the Blending Department (Round your answer to the nearest cont.) Average cost per Why would the company managers want to know this cost? O A Managers would compare the average cost per gallon against their budgeted costs to determine whether the costs of the blending process remain under control If budgeted costs are higher than the actual average cost per gallon, then the managers have done a good job controling costs in contrast, if the budgeted costs are lower than the actual average cost per gallon, managers will investigate the reason for the higher than expected costs in an effort to regain control over costs O B. Managers use the cost per gallon for external financial reporting-specifically to calculate the ending inventory balances on the Balance Sheet O C. Managers use the cost per gallon for external financial reporting-specifically to calculate the cost of Goods Sold on the income Statement OD. All of the above are reasons why management would be interested in this cost per unit for gallons completed and transferred out to Finished Goods Inventory Choose from any list or enter any number in the input fields and then continue to the next