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. Balance Date Item Debit Credit Debit Credit Mar. 1 Bal., 8,600 units, 20% completed 20,640 31 Direct materials, 45,900 units 68,850 89,490 31 Direct labor 22,610 112,100 31 Factory overhead 12,719 124,819 31 Goods transferred, 51,200 units ? '2 > 31 Bal., 3,300 units, 30% completed ? al. 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. Work in ProcessPa ermakln De artment ' sf MaterialsPulp V J Feedback 'CheckMyWnrk al. Remember there are three different types of inventory; materials, work in process, and nished goods. 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. 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