Data Table O sheets 3,900 sheets Beginning Work-in-Process Inventory Started in production Completed and transferred out to Compression in January Ending Work-in-Process inventory (40% of the way through the preparation process) COSTS 3,000 sheets 900 sheets $ 0 Beginning Work-in-Process Inventory Costs added during January: Wood 2,535 Adhesives 2,250 Direct labor 1,664 2,200 Manufacturing overhead allocated $ 8,649 Total..- Print Done Requirements 1. Prepare a production cost report for the Preparation Department for January. The company uses the weighted average method. (Hint: Each direct material added at a different point in the production process requires its own equivalent units of production computation.) 2. Prepare the journal entry to record the cost of the sheets completed and transferred out to the Compression Department. 3. Post the journal entries to the Work-in-Process InventoryPreparation T-account. What is the ending balance? Print Done Jackson's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: B (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare a production cost report for the Preparation Department for January. The company uses the weighted average method. (Hint: Each direct material added at a different point in the production process requires its own equivalent units of production computation.) (Complete all input fields. Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.) Jackson's Exteriors Production Cost Report-Preparation Department Month Ended January 31 Equivalent Units Direct Materials Conversion Physical Units UNITS Wood Adhesive Costs Units to account for: Jackson's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: B (Click the icon to view the data.) Read the requirements. Units accounted for: Total units accounted for Direct Materials Conversion Total COSTS Wood Adhesives Costs Costs Costs to account for: Total costs to account for Jackson's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: (Click the icon to view the data.) Read the requirements. Cost per equivalent unit Costs accounted for: Total costs accounted for Requirement 2. Prepare the journal entry to record the cost of the sheets completed and transferred out to the Compression Department. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Jan. 31 Jackson's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: (Click the icon to view the data.) Read the requirements. ..... Date Accounts Debit Credit Jan. 31 Requirement 3. Post the journal entries to the Work in process inventoryPreparation T-account. What is the ending balance? Post all transactions to the Work-in-Process Inventory-Preparation T-account using the appropriate descriptions as posting references. Calculate and enter the ending balance of the account, "Bal. Jan. 31", on the appropriate side of the T-account. Work-in-Process Inventory-Preparation Bal. Dec. 31 0 Jackson's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: (Click the icon to view the data.) Read the requirements. Requirement 3. Post the journal entries to the Work in process inventoryPreparation T-account. What is the ending balance? Post all transactions to the Work-in-Process InventoryPreparation T-account using the appropriate descriptions as posting references. Calculate and enter the ending balance of the account, "Bal. Jan. 31", on the appropriate side of the T-account. Work-in-Process Inventory-Preparation Bal. Dec. 31
