Color Explosion prepares and packages paint products. Color Explosion has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May.) Color Explosion completed the following production cost report for its Blending Department for the month of May: (Click the icon to view the assignment of costs.) Read the requirements. Requirement 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Blending Department. Also, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department. (Record debits first, then credits. Exclude explanations from any journal entries.) 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 May 31 Debit 7.762 Credit Work-in-Process inventory--Blending Raw Materials Inventory Manufacturing Overhead Wages Payable Next, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department. Click to select your answer(s) and then click Check Answer. 4,950 900 1,912 Color Explosion prepares and packages paint products. Color Explosion has two departments: Blending and Packaging. Direct materials are added at the bega the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. Data from the mont May for the Blending Department are as follows: (Click the icon to view the data from May.) Color Explosion completed the following production cost report for its Blending Department for the month of May (Click the icon to view the assignment of costs.) Read the requirements. 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 Work-in-Process Inventory-Packaging Work-in-Process Inventory-Blending Work-in-Process Inventory--Blending 5,220 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" Beg. Bat. Click to select your answer(s) and then click Check Answer. 1 part remaining The suc 5,220 Transferred to Packaging 5,220 Clear All Final Check Color Explosion prepares and packages paint products. Color Explosion has two departments: Blending and Packaging Direct materials are added at the beginning the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May.) Color Explosion completed the following production cost report for its Blending Department for the month of May (Click the icon to view the assignment of costs.) Read the requirements. Post the entries using the appropriate descriptions as posting references. Denote the ending balance as "Bal" Work-in-Process Inventory-Blending Beg. Bal. Direct materials Direct labor Manufacturing overhead Bal. 0 5,220 Transferred to Packaging 4,950 1,912 900 2,542 Requirement 3. What is the average cost per gallon 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 cent.) Click to select your answer(s) and then click Check Answer. E20-20 (similar to) Question Color Explosion prepares and packages paint products. Color Explosion has two departments: Blending and Packaging. Direct materials are added at the b the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. Data from the me May for the Blending Department are as follows: (Click the icon to view the data from May.) Color Explosion completed the following production cost report for its Blending Department for the month of May: (Click the icon to view the assignment of costs.) Read the requirements. Requirement 3. What is the average cost per gallon transferred out of the Blending Department into the Packaging Department? Why would the company m want to know this cost? the formula, then enter the amounts to calculate the average cost per gallon transferred out of the Blending Department. (Round your answer to th Determine cent.) Completed and transferred out costs 5,220 budgeted costs are higher control over costs. Completed and transferred out gallons 5,800 Why would the company managers want to know this cost? The 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 average cost per gallon then the managers have done a good job controlling costs. In contrast than the average cost per gallon managers will investigate the reason for the higher-than-expected costs in an effort to reg Click to select your answer(s) and then click Check Answer. 1 Part remaining 0%, Average cost per gallon 0.90 Clear All Final Check