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 follow Click the icon to view the data from May) Color Explosion completed the following production cost report for its Blending Deparment for the month of May (Click the icon to view the assignment of cosm Conversion costs are added everly throughout each process. The company uses the weighted average method Requirements Requirement 1. Prepare the purnal entries to record me assignment of direct materials and direct labor and t the costs of the galone completed and trandened out to the Packaging Department Assume labor costs are Beg with the journal entry to record the assignment of direct materials to the Bleeding Department. Do not those armes separately in the following steps Date May 21 Accounts Debit Credi 1. Prepare the journal entries to record the assignment of direct matenals 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 transfered out to the Packaging Deparment. Assume labor costs are accned and not yet paid 2. Post the journal entries to the Work in Process inventory-Bording Taccount. What is the ending balance? 3. What in the average cost per gallon mansferred out of the Blending Departners into the Packaging Department? Why would the company managers want to know the no from any list of enter any number in the input fields and then click Check Amer Data Table Beginning Work-in-Process Invertory Started in production 0 gallons 8.500 gallons Completed and transferred out to Packaging in May 5.500 gallons Ending Work in Process Inventory (30% of the way though the blending process 2,000 Cest Begung Work-in-Process Inventory Costs added during May Det mate Orect labor Manufacturing overhead allocated Toal.coms added Ma Pr Done Reference COSTS Costs to account for Print Done x cord Direct Materials Conversion Costs Total Costs Beginning work in-process 1 08 06 5525 Costs added during the pend 4,047 9.572 ntry Total costs to account furt 5.525 4,047 9572 0 Divided by: Total EUP 500 7.100 Cost per equivalent unt 0.05 0.57 5.525 Costs accounted for 1,500 Completed and transferred out $ 4225 S 1.705 S 7,900 2547 Ending work-in-process 1.300 342 1.642 9572 S 5.525 4,047 S 5572 Der Soc Print Done