Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking production The following information concerns production in the Papermaking Department for March: ACCOUNT Work In Process-Papermaking Department Balance Date Item Debit Credit Debit Credit Bal, 2,600 units, 35% completed 31 Direct materials, 104,000 units 327,600 31 Direct labor 31 Factory overhead 31 Goods transferred, 103,700 units 31 Bal, 2,900 units, 80% completed 9,127 336,727 377,347 420,815 Mar. 1 40,620 43,468 Required: On March 31, prepare the following journal entries for the Papermaking Department:" 1. The materials charged to production. 2. The conversion costs charged to production. 3. The completed production transferred to the Converting Department. b. Determine the Work in Process-Papermaking Department March 31 balance. Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount. Refer to the Chart of Accounts for exact wording of account titles. Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount. REVENUE ASSETS 410 Sales 110 Cash 21 Accounts Receivable 125 Notes Receivable 26 Interest Receivable 131 Materials-Pulp 141 Work in Process-Papermaking 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Supplies Expense 540 Administrative Expenses 561 Depreciation Expense- Department 142 Work in Process-Converting Department 43 Work in Process-Packaging Department 51 Factory Overhead-Papermaking Department 152 Factory Overhead-Converting Department 5 153 Factory Overhead-Packaging Department 161 Finished Goods 71 Supplies 172 Prepaid Insurance Factory 590 Miscellaneous Expense 710 Interest Expense 173 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Refer to the Chart of Accounts for exact wording of account titles. Round your cost per unit answers to the nearest cent and to the nearest dollar amount. PAGE 10 JOURNAL DATE POST. RE DEBIT CREDIT b. Determine the Work in Process-Papermaking Department March 31 balance. Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount
