Question
For the Painting Department for July, the cost of the beginning work in process inventory was $112,441. During July, the additional costs incurred were: Direct
For the Painting Department for July, the cost of the beginning work in process inventory was $112,441. During July, the additional costs incurred were: Direct materials $143,620, Direct labor $60,000, and Conversion costs $138,152. Prepare the second section of the production report showing the computation of the per unit costs. Use this section to answer the next five questions. For the Painting Department, what was the CURRENT transferred-in cost from the Machining Department for July?
For the Painting Department for July, what is the per unit transferred in cost? (Type your answer in to two decimal places).
For the Painting Department for July, what is the per unit conversion cost? (Type your answer in to two decimal places.)
For July, what TOTAL amount of product costs are to be assigned by the Painting Department to the units completed and the units in the ending work in process?
Complete the third section of the production report showing the assignment of costs to the units completed and the units in the ending work in process inventory. Use this section to answer the next three questions. What is the total cost of goods manufactured for July for the Painting Department?
What is the total cost of the ending work in process inventory for July for the Painting Department?
What total amount of cost has been assigned to the units completed and the ending work in process inventory units for July for the Painting Department (what is the total of the cost of goods manufactured and the cost of the ending work in process inventory)?
What is the journal entry to record the transfer of units form the Painting Department to finished goods inventory? Be sure to indicate the NAME of the accounts and the AMOUNTS and be sure it is clear which accounts are debited and which accounts are credited.
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