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Requirement 2. Prepare journal entries for March transfers from the cutting department to the stitching department and from the stitching department to Finished Goods. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin by recording the transfer from the cutting department to the stitching department Journal Entry Date Credit Accounts Work in ProcessStitching Work in Process-Cutting Debit 230,000 230.000 Now record the transfer from the stitching department to Finished Goods Journal Entry Date Accounts Credit Debit 274,000 Finished Goods Work in Process-Stitching 274,000 Sutherland Sports produces basketballs in two departments: cutting and stitching. Each department has one direct-cost category (direct materials) and one indirect-cost category (conversion costs). This problem focuses on the stitching department. After cutting, basketballs are immediately transferred to the stitching department. Direct material is added when the stitching process is 80% complete. Conversion costs are added evenly during stitching operations. After stitching is completed, basketballs are immediately transferred to Finished Goods. Sutherland Sports uses the weighted-average method of process costing. The following is a summary of the March 2020 operations of the stitching department: (Click the icon to view the information.) Read the requirements ..!!! Data Table Requirement 1. Summarize total stitching department costs for March 2020 and assign these costs to units completed and transferred out) and to units in ending work-in-process inventory. Begin by completing the following table to summarize the physical and equivalent units. (For amounts with a zero balance, make sure to enter "0" in the appropriate cell.) Equivalent Units Transferred-In Direct Costs Materials Conversion Costs Physical Units (books) 10.000 70,000 Physical Units (basketballs) 10,000 Transferred-In Costs D Direct Materials Conversion Costs ols Beginning work in process Transferred in during March 50.000 50,000 $ 100% 0% 60% 80,000 To account for 70,000 Completed and transferred out during March 40.000 40.000 40,000 40.000 40.000 40,000 16,000 Beginning work in process, March 1 Degree of completion, beginning work in process 4 Transferred in during March 2020 5 Completed and transferred out during March 2020 6 Ending work in process, March 31 Degree of completion, ending work process Total costs added during March 40,000 Ending work in process 40.000 80,000 Accounted for 100% 0% 40% 80,000 40.000 56,000 Equivalent units of work done to date 230,000 $ 34.000 $ 90.000 Print Done Summarize total costs to account for, and calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. Begin by summarizing the total costs to account for. (For amounts with a zero balance, make sure to enter "O" in the Total Production Transferred-In Conversion Costs Costs Direct Materials Costs Beginning work in process 100.000 $ 50,000 $ o's 50,000 Costs added in current period 354.000 230,000 34.000 90.000 454.000 $ 280,000 34,000's 140,000 Total costs to account for Calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. (Round your answers to the nearest cent.) Transferred In Conversion Costs Direct Materials Costs Costs incurred to date 280,000 $ 34.000's Divide by equivalent units of work done to date 80.000 40.000 56.000 Cost per equivalent unit 3.50 $ 0.85s 2.50 140,000 Assign total costs to units completed (and transferred out) and to units in ending work in process inventory. (For amounts with a zero balance, make sure to enter "O" in the appropriate cell.) Total Production Transferred-In Conversion Costs Costs Direct Materials Costs Assignment of costs Completed and transferred out 274,000 $ 140.000's 34,000 100.000 180,000 Ending work in process 140.000 40,000 454,000 $ 280,000 $ 34.000 140.000 Total costs to account for
