Data Table ng and ndirr nth O gallons 8,500 gallons 6,500 gallons 2,000 gallons bor e e Gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in May Ending Work-in-Process Inventory (30% of the way through the blending process) Costs Beginning Work-in-Process Inventory Costs added during May: Direct materials Direct labor Manufacturing overhead allocated Total costs added during May the $ 0 5,525 1,500 2,547 $ 9,572 Requirements Choos 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. 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? 5 pa res Question Help Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (ca i Reference galla Total Costs 0 9,572 You're an Artist Production Cost Report - Blending Department (Partial) Month Ended May 31 Transferred Direct Conversion COSTS In Materials Costs Costs to account for Beginning work-in-process n/a $ 0$ 0 $ n/a Costs added during the period 5,525 4,047 Total costs to account for n/a 5,525 4,047 Divided by: Total EUP n/a 8,500 7,100 n/a $ 0.65 $ Cost per equivalent unit 0.57 $ Costs accounted for: Completed and transferred out n/a 4,225 $ 3,705 $ n/a 1,300 342 Ending work-in-process n/a $ 5,525 $ 4,047 S Total costs accounted for 9,572 1.22 $ 7,930 1,642 9,572 Print Done E20-20 (similar to) You're an Artist prepares and packages paint products. You're an Artist has two departments: Blending and Packaging. Conversion costs are added evenly throughout each process. Data from the month of May for the Blending Department (Click the icon to view the data from May.) You're an Artist completed the following production cost report for its Blending Department for the month of May: (Click the icon to view the assignment of costs.) Read the requirements Requirement 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocati completed and transferred out to the Packaging Department. (Record debits first, then credits. Exclude explanations from Begin with the summary journal entry to record the assignment of direct materials and direct labor and the allocation of Accounts Debit Date Credit May 31 Choose from any list or enter any number in the input fields and then click Check Answer. 5 parts remaining
