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Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the
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 ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Mar. 1 Bal., 2,800 units, 35% completed 9,178 31 Direct materials, 105,000 units 357,000 366,178 31 Direct labor 40,580 406,758 31 Factory overhead 44,396 451,154 31 Goods transferred, 104,800 units ? ? 31 Bal., 3,000 units, 80% completed ? Required: a. 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. *Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount.
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