Answered step by step
Verified Expert Solution
Question
1 Approved Answer
need help with a3 and b ASAP Cost of Production and Journal Entries Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments,
need help with a3 and b ASAP
Cost of Production and Journal Entries 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 Jan. 9,856 1 Bal., 8, 800 units, 60% completed 31 Direct materials, 46,900 units 65,660 75,516 31 Direct labor 18,980 94,496 10,678 105,174 31 Factory overhead 31 Goods transferred, 52,400 units 31 Bal., 3,300 units, 70% completed ? al. Prepare the March journal entry for the Papermaking Department for the materials charged to production Work in Process-Papermaking Department - 65,6607 Materials-Pulp 65.6607 Feedback Check My Work a1. Remember there are three different types of inventory materials, work in process, and finished goods. a2. Prepare the March journal entry for the Papermaking Department for the conversion costs charged to production. If an amount box does not require an entry, leave it blank. a2. Prepare the March Journal entry for the Papermaking Department for the conversion costs charged to production. If an amount box does not require an entry, leave it blank. Work in Process-Papermaking Department 29,658 Wages Payable 18,90 Factory Overhead 10,678 Feedback Check My Work 22. What types of costs are included in conversion costs? By adding these conversion costs are the units complete and ready transfer? a3. Prepare the March journal entry for the Papermaking Department for the completed production transferred to the Converting Department. If required, round your interim calculations to two decimal places and your final answer to the nearest dollar, Work in Process-Converting Department Work in Process-Papermaking Department Feedback Check My Work 23. Remember that each department has a work in process account. Are these units 100% complete and ready to be sold or are they still in process? b. Determine the Work in Process-Papermaking Department March 31 balance. If required, round your interim calculations to two decimal places and your final answer to the nearest dollarStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started