Paint My World prepares and packages paint products. Paint My World has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May.) Paint My World completed the following production cost report for its Blending Department for the month of May: (Click the icon to view the assignment of costs.) Conversion costs are added evenly throughout each process. The company uses the weighted average method. Read the requirements. Requirement 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Blending Department. Also, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department. Assume labor costs are accrued and not yet paid. (Record debits first, then credits. Exclude explanations from any joumal entries.) Begin with the summary journal entry to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Blending Department. Date Accounts Debit Credit May 31 Manufacturing Overhead Next, prepare the Raw Materials Inventory and transferred out to the Packaging Department. Date Debit Credit Wages Payable May 31 Work-in-Process Inventory-Blending Work-in-Process Inventory-Packaging Requirement 2. Post the journal entries to the Work-in-Process Inventory-Blending T-account. What is the ending balance? Post the entries using the appropriate descriptions as posting references. Denote the ending balance as "Bal." Choose from any list or enter any number in the input fields and then continue to the next question. Paint My Word prepares and packages paint products. Paint My World has two departments: Blending and Packaging Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May.) Paint My Word completed the following production cost report for its Blending Department for the month of May: (Click the icon to view the assignment of costs.) Conversion costs are added evenly throughout each process. The company uses the weightec-average method. Read the requirements Requirement 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Blending Department. Also, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department. Assume labor costs are aconued and not yet paid. (Record debits first, then credits. Exclude explanations from any oumal entries.) Begin with the summary joumal entry to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Blending Department Date Accounts Debit May 31 Credit Next, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Desarlment. Date Accounts Debit Credit May 31 Manufacturing Overhead Requirement 2. Raw Materials Inventory Post the entries Wages Payable -Blending T-account. What is the ending balance? Denote the ending balance as "88" Beg. Bal. Work-in-Process Inventory-Blending Work-in-Process Inventory-Packaging Choose from any list or enter any number in the input fields and then continue to the next question, Paint My World prepares and packages paint products. Paint My World has two departments: Blending and Packaging Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Data from the month of May for the Blending Dopartment are as follows: (Click the icon to view the data from May.) Paint My World completed the following production cost report for its Blending Department for the month of May: (Click the icon to view the assignment of costs.) Conversion costs are added evenly throughout each process. The company uses the weighted average method. Read the requirements. May 31 Requirement 2. Post the journal entries to the Work-in-Process Inventory Blending T-account. What is the ending balance? Post the entries using the appropriate descriptions as posting references. Denote the ending balance as "Bal Work-In-Process Inventory-Blending Beg. Bal Requirement 3. What is the average cost per galan transferred out of the Blending Department into the Packaging Department? Why would the company managers want to know this cost? Determine the formula, then enter the amounts to calculate the average cost per gallon transferred out of the Blending Department. (Round your answer to the nearest cent.) = Average cost per gallon 12 Completed and transferred out costs Completed and transferred out gallons ancial reporting-specifically to calculate the ending inventory balances on the Balance Sheet. ancial reporting-specifically to calculate the cost of Goods Sold on the Income Statement, gallon against their budgeted costs to determine whether the costs of the blending process remain under control. If budgeted costs are higher than the actual average cost per gallon, then the managers have done a jeted costs are lower than the actual average cost per gallon, managers will investigate the reason for the higher-than-expected costs in an effort to regain control over costs. cuki be interested in this cast per unit for gallons completed and transferred out to Finished Goods Inventor Direct labor Direct materials t fields and then continue to the next question, c Ending work in process gallons Total cost accounted for Time Remaining: 01:59:40 Next Paint My World prepares and packages paint products. Paint My World has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Data from the month of May for the Blending Department are as follows: Click the icon to view the data from May.) Paint My World completed the following production cost report for its Blending Department for the month of May: 2 (Click the icon to view the assignment of costs.) Conversion costs are added evenly throughout each process. The company uses the weighted average method. Read the requirements. Work-in-Process Inventory-Blending Beg. Bal. 0 Requirement 3. What is the average cost per gallon transferred out of the Blending Department into the Packaging Department? Why would the company managers want to know this cost? Determine the formula, then enter the amounts to calculate the average cost per gallon transferred out of the Blending Department. (Round your answer to the nearest cent.) Average cost per gallon Why would the company managers want to know this cost? O A. Managers use the cost per gallon for external financial reporting-specifically to calculate the ending inventory balances on the Balance Sheet. O B. Managers use the cost per gallon for external financial reporting-specifically to calculate the cost of Goods Sold on the Income Statement. OC. Managers would compare the average cost per gallon against their budgeted costs to determine whether the costs of the blending process remain under control. If budgeted costs are higher than the actual average cost per gallon, then the managers have done a good job controlling costs. In contrast, if the budgeted costs are lower than the actual average cost per gallon, managers will investigate the reason for the higher-than-expected costs in an effort to regain control over costs. OD. All of the above are reasons why management would be interested in this cost per unit for gallons completed and transferred out to Finished Goods Inventory. Paint My World prepares and packages paint products. Paint My World has two departments: Bencing and Packaging. Direct materials Paint My World completed the following production cost report for its Blending Department for the month of May: are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Data from the month of Click the icon to view the assignment of costs.) May for the Blending Department are as follows: (Click the icon to view the data from May.) Conversion costs are added evenly throughout each process. The company uses the weighted average melhod. Read the requirements. May 31 - X Reference - X Data Table Requirert ing balance Gallons Post the 0 gallons 6,800 gallons 4.400 gallons Total Costs Rep. Bal 2,200 gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in May Ending Wark-in-Process Inventory (30% of the way through the blending process) Costs Beginning Work-in-Process Inventory Costs added during May Direct materials Direct laban 0 0 8,668 Paint My World Production Cost Report - Blending Department (Partial) Month Ended May 31 Direct Conversion COSTS Materials Costs Costs to account for: Beginning work-in-process S OS 0 $ 4.048 4,620 Costs added during the period Total costs to account for 4,620 4.046 Divided by: Total EUP 6,600 5,060 S 0.70 S 0.80 Cost per equivalent unit Costs accounted for Completed and transferred out S 3,080 $ 3.520 $ - 1,540 528 Ending work-in-process S Total costs accounted for 4,620 $ 4,046 3 0 8,888 Requirent ng Departm ding Depar 4,620 2.500 1,548 Determin Manufacturing overhead allocated gallon $ 8,668 6.600 2,06B Total costs added during May Why wou 8.868 O AM OBM OCM Intory balan pds Sold on Print Done the casts of lon, manag hagers have done a Print Done OD. All at the above are reasons why management wcukite interested in this cost per unit for gallons completed and trar hos from muliet te urobor is the infinidad totiuo to the moutation