Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermading and Converting. Pulpis first placed into a vessel at the beginning of papermaking production. The following information concerns production in the Papermaling Department for March Account Work in Process-Papermaking Department Account No. Balance Date Item Debit Credit Debit Credit Jan. 1 Bal., 8,000 units, 70% completed 8,160 31 Direct materials, 42,700 units 72,590 80,750 31 Direct labor 19,940 100,690 31 Factory overhead 11,210 111,900 31 Goods transferred, 47,700 units ? 7 31 Bal., 3,000 units, 80% completed ? al. Prepare the March journal entry for the Papermaking Department for the materials charged to production Work in Process-Papermaking Department 72.59 Materials-Pulp 72.590 Check My Wor a1. Remember there are three different types of inventory, materials work in process, and finished goods 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. Work In Process-Papermaking Department 31,150 Wages Payable 19,90 a2. Prepare the March journal entry for the Papermaling Department for the conversion costs charged to production. If an amount box does not require an entry, leave it blank. Work in Process-Papermaking Department 31,150 Wages Payable 19,940 Factory Overhead 11,210 Check My Work 32. What types of costs are included in conversion costs? By adding these conversion costs are the units complete and ready for transfer? a3. Prepare the March journal entry for the Papermaking Department for the completed production transferred to the Converting Department. If required, round your interim calculations to w decimal places and your final answer to the nearest dollar. Work in Process-Converting Department 207,067 X Work in Process-Papermaking Department 207,067 X 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 stil in process? . 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, 10,418.4 x