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Smith's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: E: (Click the icon to view the data.) Read the requirements. Requirement 1. Prepare a production cost report for the Preparation Department for January. The company uses the weighted-average method. (Hint: Each direct material added at a different point in the production process requires its own equivalent units of production computation.) (Complete all input fields. Enter a "O" 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.) Smith's Exteriors Data Table Production Cost Report-Preparation Department Month Ended January 31 Equivalent Units Physical Direct Materials Conversion Units Wood Adhesive Costs UNITS O sheets UNITS 4,300 sheets Units to account for: Beginning Work-in-Process Inventory Started in production Completed and transferred out to Compression in January Ending Work-in-Process inventory (30% of the way through the preparation process) COSTS 2,400 sheets 1,900 sheets Total units to account for $ 0 Beginning Work-in-Process Inventory Costs added during January: Units accounted for: Wood 3,655 Adhesives 960 Direct labor 2,352 2,400 Total units accounted for Manufacturing overhead allocated $ 9,367 Direct Materials Conversion Total Total costs COSTS Wood Adhesives Costs Costs Print Done Choose from any list or enter any number in the input fields and then continue to the next question. ? Smith's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: (Click the icon to view the data.) Data Table Read the requirements. X Direct Materials Conversion Total COSTS Wood Adhesives Costs Costs UNITS Costs to account for: O sheets 4,300 sheets 2,400 sheets Total costs to account for 1,900 sheets Beginning Work-in-Process Inventory Started in production Completed and transferred out to Compression in January Ending Work-in-Process inventory (30% of the way through the preparation process) COSTS Beginning Work-in-Process Inventory Costs added during January Wood Adhesives Direct labor 0 Cost per equivalent unit Costs accounted for: 3,655 960 Total costs accounted for 2,352 2,400 Manufacturing overhead allocated Requirement 2. Prepare the journal entry to record the cost of the sheets completed and transferred out to the Compression Department. Date Accounts Debit Credit $ 9,367 Total costs Jan. 31 Print Done Requirement 3. Post the journal entries to the Work in process inventoryPreparation T-account. What is the ending balance? Choose from any list or enter any number in the input fields and then continue to the next question. ? Smith's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows: B Click the icon to view the data.) Read the requirements. Cost per equivalent unit Costs accounted for: Total costs accounted for Requirement 2. Prepare the journal entry to record the cost of the sheets completed and transferred out to the Compression Department. (Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Jan. 31 Requirement 3. Post the journal entries to the Work in process inventoryPreparation T-account. What is the ending balance? Post all transactions to the Work-in-Process Inventory-Preparation T-account using the appropriate descriptions as posting references. Calculate and enter the ending balance of the account, "Bal. Jan. 31", on the appropriate side of the T-account. Work-in-Process Inventory-Preparation Bal. Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next