Question
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
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.
AccountWork in Process?Papermaking DepartmentAccount No.DateItemDebitCreditBalanceDebitCreditMar.1Bal., 4,400 units, 30% completed11,08831Direct materials, 23,500 units42,30053,38831Direct labor13,09066,47831Factory overhead7,35873,83631Goods transferred, 26,200 units??31Bal., 1,700 units, 40% completed
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