Jackon Winery in Pieasant Valley, New York, has two departments: Fermenting and Packaging. Direct materials are added at the beginning of the fermenting process (grapes) and at the end of Jackson Winery completed the following production cost teport for its Fermenting the packaging process (botiles), Data from the month of March for the Fermenting Department Department for the month of March: are as follown: (Cick the icon to view the production cost report) (Click the icon to view the data from March.) Conversion costs are added evenly throughout each process. The company cses th weighted-average method. Read the resuirements. Requirement 1. Prepare the joumal entries to record the assignment of direct matorials and direct labor and the allocation of manufacturing overhead to the Fermenthing Deportinent. Assume labx oosts are accrued and not yot paid. Aso prepare the joumal entry to record the cost of the gallons completed and transiorred out to the Packagipg Department (Record debits first, then credis Exclude explanations from any ioumal entries.) Begin with the journat entry to record the assignment of direct materials to the Fermenting Department. Do not fecond the assignment of direct iabor or the alfocaton of manufacturing overtmag wi this entry. We will prepare those eniries separaiely in the following stops. Propare the journat enty to record the assignmont of drect labor to the Fermenting Department. Assume lubor costs are aconued and not yot paid. ated the following production cost repor Data table 7th of March: Dew the producfion cost report) dded evenly throughout each process. hod. facturing overhead to the Fermenting De the Packaging Department (Recand dab the Packaging Dopartmant. (Recond deb nt of direct labor or the allocation of itanu nid nok yet paid. Prepare the journal olowing production co Reference rah: roduction cost ruport.) nly throughout each pr ovarhead to the Fermer alging Department iFee ch labor or the allocation Requirements Requirement 1. P costs are accrued Exclude explanatic 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Fermenting Department. Assume labor costs are accrued and not yet paid. Also prepare the joumal entry to record the cost of the gallons completed and transferred out to the Packaging Department. 2. Post the journal entries to the Work-in-Process Inventory-fermenting T-account. What is the ending balance? 3. What is the average cost per gallon transferred out of the Fermenting Department into the Packaging Department? Why would Jackson Winery's managers want to know this cost? Requirement 1. Propare the journal entries to record the assignment of direct materials and direct labor and the allocation of manutachuring ouerhesd to the Farmenting Department Aatu costs are acerued and not yet paid. Also prepare the journal entry to record the cost of the galons completed and transferred out to the Packaging Department (Recort debia frit, Ren er Exclude explanations trom any journal entries.) Begin with the joumal entry to record the assignment of direct materials to the Fermenting Department. Do not fecord the absignment of diect labor or the allocation ef manufactring overn this entry. We will prepare those entries separately in the following steps. Duanate tha lournal entry to record the assignment of direct labor to the Fermensing Degartment. Assume laber costs ars asoned and not yet paid. Prepare the joumal entry for the allocation of manufacturing overhead to the Fermenting Department. Jackson Winecy in Pleasant Valley. New York, has two departments: Fermenting and Packaging. Direct material : -8 added at the beginning of the termenting process (grapes) and at the end of Jackson Winery completed the following production cost report for its Fermarting Department for the month of March: the packaging, ass (bottles). Data from the month of March for the Fermenting Department are as follows: (Click the icon to view the production cost rapor.) (Click the icon to view the data from March.) Coriversion costs are added eveny hroeghcut each process. The compasy uses weighted-avarage method. Read the Requirement 3. What is the average cost per gallon transferred out of the Fermenting Department into the Packaging Department? Why would Jackson Winery managers want to know Bas Requirement 3. What is the average cost per (Round your antiver to the nearest cent) The averege cost per galan transferred out of Fermenting is pergation. Why would Jackson Winery's manegers want to know this cose? A. Managers use the cost per gallon for extarnal financial reporting -specificaly vo cakulate the Cost of coods sold on me incecme Statement