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Po to the West in proces vying To What Istendig Wha 361 130 5 4 103 TO 16 Mand Town Done Question Help Johnson Winery in Pleasant Valley, New York, has two departments: Fermenting and Johnson Winery completed the following production cost report for its Fermenting Packaging Direct materials are added at the beginning of the fermenting process (grapes) Department for the month of March and at the end of the packaging process (bottles) Data from the month of March for the (Click the icon to view the production cost report) Fermenting Department are as follows: Click the icon to view the data from March) Conversion costs are added evenly throughout each process. The company uses the weighted average method Read the requirements Requirement 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 journal entry to record the cost of the gallons completed and transferred out to the Packaging Department Begin with the summary journal entry to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Fermenting Department (Prepare a single compound journal entry. Record debits first, then credits Exclude explanations from any journal entries) Date Accounts Debit Credit Mar 31 Also prepare the journal entry to record the cost of the gallons completed and transferred out to the Packaging Department Date Accounts Debit Credit Mar 31 Requirement 2. Post the journal entries to the Work-in-Process Inventory-Formenting Taccount What is the ending balance? Post the entries using the appropriate descriptions as posting references. Denote the ending balance as "Bal" Work in Process Inventory-Fermenting Beg Bal 2154 Choose from any list or enter any number in the input helds and then continue to the next question Johnson Winery in Pleasant Valley, New York, has two departments. Fermenting and Johnson Winery Packaging Direct materials are added at the beginning of the fermenting process (grapes) Department for the and at the end of the packaging process (bottles). Data from the month of March for the (Click the icon Fermenting Department are as follows: Conversion costs Click the icon to view the data from March.) weighted average Read the requireme Requirement 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the a Assume labor costs are accrued and not yet paid. Also prepare the journal entry to record the cost of the gallons Begin with the summary journal entry to record the assignment of direct materials and direct labor and the allocatic (Prepare a single compound journal entry. Record debits first, then credits. Exclude explanations from any journal Date Accounts Debit Credit Mar. 31 Manufacturing Overhead Raw Materials Inventory Wages Payable Also prepare the Work-in-Process Inventory-Fermenting Work-in-Process Inventory-Packaging Date transferred out to the Packaging Depa Debit Credit Mar. 31 Requirement 2. Post the journal entries to the Work-in-Process Inventory-Fermenting T-account. What is the ending Post the entries using the appropriate descriptions as posting references. Denote the ending balance as "Bal" Work-in-Process Inventory-Fermenting Beg Bal 2.154 ve Choose from any list or enter any number in the input fields and then continue to the next question Question Help Johnson Winery in Pleasant Valley, New York, has two departments: Fermenting and Johnson Winery completed the following production cost report for its Fermenting Packaging Direct materials are added at the beginning of the fermenting process (grapes) Department for the month of March and at the end of the packaging process (bottles) Data from the month of March for the (Click the icon to view the production cost report) Fermenting Department are as follows Conversion costs are added evenly throughout each process. The company uses the Click the icon to view the data from March) weighted average method Read the requirements Requirement 2. Post the journal entries to the Work In Process Inventory-Fermenting T-account. What is the ending balance? Post the entries using the appropriate descriptions as posting references Denote the ending balance as "Bal" Work in Process Inventory --Fermenting Beg Bal 2.154 Requirement 3. What is the average cost per gallon transferred out of the Fermering Department into the Packaging Department? Why would Johnson Winery's managers want to know this cout? (Round your answer to the nearest cent) The average cost per gallon transferred out of Fermenting is per gallon Why would Johnson Winery's managers want to know this cost? O A. Managers would compare the average cost per gallon against their budgeted costs to determine whether the costs of the blending process remain under control. If budgeted costs are higher than the actual average cost per gallon, then the managers have done a good job controlling costs. In contrast, if the budgeted costs are lower than the actual average cost per galon, managers will investigate the reason for the higher than expected costs in an effort to regain control over costs O B. Managers use the cost per gallon for external financial reporting--specifically to calculate the ending Inventory balances on the Balance Sheet OC. Managers use the cost per gallon for external financial reporting-specifically to calculate the cost of Goods Sold on the Income Statement OD. All of the above are reasons why management would be interested in this cost per unit for gallons completed and transferred out to Finished Goods Inventory, ting process process (bottles). Data from the month of March for Fermenting Department are as follows: (Click the icon to view the data from March.) Requirement 2. Post the journal entries to the Work-in-Process Inventory-Fermentin Post the entries using the appropriate descriptions as posting references. Denote the e Work-in-Process Inventory-Fermenting Beg. Bal 2.154 Direct labor Direct materials Manufacturing overhead | Transferred to Packaging I. cost per gallon transferred out of the Fermenting Dep o the nearest cent) The average cost per gallon transferred out of Fermenting is $ per gallon Why would Johnson Winery's managers want to know this cost? O A. Managers would compare the average cost per gallon against their budgeted costs to costs are higher than the actual average cost per gallon, then the managers have dor actual average cost per gallon managers will investigate the reason for the higher-tha O B. Managers use the cost per gallon for external financial reporting specifically to calcu O c. Managers use the cost per gallon for extemal financial reporting-specifically to calcu OD. All of the above are reasons why management would be interested in this cost per unit Choose from any list or enter any number in the input fields and then continue to the next