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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 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:
ACCOUNT Work In Process-Papermaking Department ACCOUNT NO.
Balance | ||||||
Date | Item | Debit | Credit | Debit | Credit | |
Mar. | 1 | Bal., 2,600 units, 35% completed | 9,127 | |||
31 | Direct materials, 104,000 units | 327,600 | 336,727 | |||
31 | Direct labor | 40,620 | 377,347 | |||
31 | Factory overhead | 43,468 | 420,815 | |||
31 | Goods transferred, 103,700 units | ? | ? | |||
31 | Bal., 2,900 units, 80% completed | ? |
Required: | |||||||
A. | On March 31, prepare the following journal entries for the Papermaking Department:*
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B. | Determine the Work in ProcessPapermaking Department March 31 balance.
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