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 ProcessPapermaking Department							Account No.
Date		Item	Debit		Credit		Balance
							Debit		Credit
Mar.	1	Bal., 9,000 units, 80% completed					5,760
	31	Direct materials, 48,000 units	76,800				82,560
	31	Direct labor	22,160				104,720
	31	Factory overhead	12,462				117,182
	31	Goods transferred, 53,600 units			?		?
	31	Bal., 3,400 units, 90% completed					?

Question Content Area

a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production. If an amount box does not require an entry, leave it blank.

blank	Factory Overhead-Papermaking DepartmentFinished GoodsMaterials-PulpWork in Process-Converting DepartmentWork in Process-Papermaking Department	- Select -	- Select -
	Factory Overhead-Papermaking DepartmentFinished GoodsMaterials-PulpWork in Process-Converting DepartmentWork in Process-Papermaking Department	- Select -	- Select -

Question Content Area

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.

blank	Factory OverheadMaterials-PulpWages ExpenseWork in Process-Converting DepartmentWork in Process-Papermaking Department	- Select -	- Select -
	CashCost of Goods SoldWages PayableWork in Process-Converting DepartmentWork in Process-Papermaking Department	- Select -	- Select -
	Accounts PayableCashFactory OverheadWork in Process-Converting DepartmentWork in Process-Papermaking Department	- Select -	- Select -

Question Content Area

a3. Prepare the March journal entry for the Papermaking Department for the completed production transferred to the Converting Department. If an amount box does not require an entry, leave it blank. If required, round your interim calculations to two decimal places and your final answer to the nearest dollar.

blank	CashFinished GoodsMaterials-PulpWork in Process-Converting DepartmentWork in Process-Papermaking Department	- Select -	- Select -
	CashFinished GoodsMaterials-PulpWork in Process-Converting DepartmentWork in Process-Papermaking Department	- Select -	- Select -

Question Content Area

b. Determine the Work in ProcessPapermaking Department March 31 balance. If required, round your interim calculations to two decimal places and your final answer to the nearest dollar. $fill in the blank 45e92d054004fe2_1