eBook Calculator 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 the beginning of papermaking production. The following information concerns production in the Papermaking Department for March Account Work in Process-Papermaking Department Account No. Date Item Balance Debit Credit Debit Credit Jan. 1 Bal.,7,800 units, 70% completed 31 Direct materials, 41,600 units 83,200 31 Direct labor 9,360 12,560 117,520 131,566 24,960 14,046 31 Factory overhead 31 Goods transferred, 46,400 units 31 Bal., 3,000 units, 80% completed ? ? 2 a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production, Work in Process-Papermaking Department Materials-Pulp Feedback Check My Work 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 it blank. Work in Procece Danemakinn Denartment. Check My Work Previous NE 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 Wages Payable Factory Overhead Feedback Check My Work 1 12. 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 two decimal places and your final answer to the nearest dollar. Work in Process-Converting Department Work in Process-Papermaking Department Feedback Check My Wor 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. Check My Work Previous Next > Save and Exit Submit Assignment for Grading 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 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 I 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 Check My Work Partially correct Previous Next Check My Work Save and Exit Submit Assignment for Grading