Managerial Accounting Homework questions

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Requirements 1. Prepare a production cost report for the Bottling Department for the month of March. The company uses the weighted-average method. 2. Prepare the journal entry to record the cost of units completed and transferred out. 3. Post all transactions to the Work-inProcess InventoryBottling T-account. What is the ending balance? Data Table Cool and Clear Company Work-in-Process InventoryBottling Month Ended March 31, 2024 Beginning inventory, Mar. 1 (40% complete) Production started Transferred out Ending inventory, Mar. 31 (70% complete) Dollars Direct Labor 600 $ 33,400 Direct Materials Transferred In 1,900 136,700 $ Manufacturing Overhead 530 $ 27,570 Units 16,000 $ 164,000 155,000 25,000 27,900 Total Costs 3,030 225,570 Cool and Clear Company produces premium bottled water. In the second department, the Bottling Department, conversion costs are incurred evenly throughout the bottling process, but packaging materials are not added until the end of the process. Costs in beginning Work-in-Process Inventory include transferred in costs of $1,900, direct labor of $600, and manufacturing overhead of $530. March data for the Bottling Department follow: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare a production cost report for the Bottling Department for the month of March. The company uses the weighted-average method. (Complete all input fields. Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.)UNITS Units to account for: Cool and Clear Company Production Cost Report - Bottling Department Month Ended March 31, 2024 Physical Units Transferred In Equivalent Units Direct Materials Conversion Costs Total units to account for Units accounted for: Total units accounted for More Info Cost of units completed in the Cutting Department, $11,000 Cost of units completed in the Stamping Department, $23,000 Sales on account, $120,000 1. 2 3. Cost of units completed in the Polishing Department, $33,000 4 5 Cost of goods sold is 70% of sales Friedman Company has a production process that involves three processes. Units move through the processes in this order: cutting, stamping, and then polishing. The company had the following transactions in November: i (Click the icon to view the transactions.) Prepare the journal entries for Friedman Company. (Record debits first, then credits. Exclude explanations from journal entries.) 1. Cost of units completed in the Cutting Department, $11,000 Date Accounts Debit Credit Nov. 30