Chapter 20 Homework Account No. Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production. The following information concerns production in the Papermaking Department for March. Account Work in Process- Papermaking Department Balance Date Item Debit Credit Debit Credit Mar. 1 Bal, 6,500 unts, 60% completed 31 Direct materials, 34,700 units 52,050 59,850 31 Direct labor 16.30 76.220 31 factory overhead 9.215 85.435 21 Goods transferred, 38,700 units 31 Bal 2,500 units, 70% completed al. Prepare the March journal entry for the Papermaking Department for the materials charged to production. Work in Process-Paparmaking Department Materials-Pulp Feedback al. Remember there are three different types of inventory; materials, work in process, and finished goods. a2. Prepare the March journal entry for the Papermaking Department for the conversion costs charged to production. If an amount box does not require an entry, leave it blank. Work in Process Papermaking Department Wages Payable Factory Overhead-Papermaking Department Feedback a2. What types of costs are included in conversion costs? By adding these conversion costs are the units complete and ready for transfer? a3. Prepare the March journal entry for the Papermaking Department for the completed production transferred to the Converting Department. If required, round your interim calculations to two decimal places and your final answer to the nearest dollar. Work in Process-Converting Department Work in Process-Papermaking Department Feedback Check My Work a3. Remember that each department has a work in process account. Are these units 100% complete and ready to be sold or are they still in process? b. Determine the Work in Process-Papermaking Department March 31 balance. If required, round your interim calculations to two decimal places and your final answer to the nearest dollar. Feedback Check My Work b. How many units are still in process at the end of the period? How complete are these units in terms of materials and conversion? How many equivalent units does the ending work in process contain? Feedback Check My Work Partially correct