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). 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 (Cick the icon to view the assignment of costs.) Conversion costs are added evenly throughout each process. The company uses the weighted average method Requirements Requirement 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the the costs of the gallons completed and transferred out to the Packaging Department. Assume labor costs are ac Begin with the journal entry to record the assignment of direct materials to the Blending Department. Do not rece those entries separately in the following steps. Date May 31 Accounts Debit Credit 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. Assume labor costs are accrued and not yet paid. 2. Post the journal entries to the Work-in-Process Inventory-Blending T-account. What is the ending balance? 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? try to record eniries) We will prepare Choose from any list or enter any number in the input fields and then click Check Answer 6 parts remaining Clea Print Done