Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need help with a3 & b. thank you. Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product is manufactured in

i need help with a3 & b. thank you.
image text in transcribed
image text in transcribed
Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Co information concerns production in the Papermaking Department for March Account Work in Process-Papermaking Department Account No. Balance Debit Credit Debit Credit Date Item Jan. 1 Bal., 4,900 units, 60% completed 5,880 31 Direct materials, 26,100 units 39,150 45,030 31 Direct labor 12,320 57,350 31 Factory overhead 6,923 64,273 31 Goods transferred, 29,100 units ? 31 Bal., 1,900 units, 70% completed ? a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production Work in Process-Papermaking Department 39,150 Materials-Pulp 39,150 ? 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 Work in Process-Papermaking Department 19.243 Wages Payable Factory Overhead 6,923 12.120 Feedback w Work ngeles Wages Payable Factory Overhead 12.320 6923 Feedback Check My Work 12. What types of costs are included in conversion costs? By doing the conversion costs are the 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 decima answer to the nearest dollar Work in Process Converting Department Work in Process Paper making Department WOWO Remember that each department has a work in process contre se units 100% corrowd ready to be sold or are they wil in procese? b. Determine the Work in Proces-Papermoking Department March 31 balance. It required, round your interim calculations to two decimal places and your final answer to the newest dosta F How many units were andre prowote may heading processor Oy

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Signals and Systems using MATLAB

Authors: Luis Chaparro

2nd edition

123948126, 978-0123948120

Students also viewed these Accounting questions