part b (recording entries)

Kingbird Enterprises is aptly named because of its signature item-chewing gum! The owners started the business years ago when no existing gum had the right flavor and texture combination. After years of perfecting the process, they had a finely tuned operation. This year, Kingbird's main processing department reported the following activity and costs. All DM resources are added to Kingbird's processing department at the beginning of processing. Conversion costs are added evenly throughout the process. Kingbird uses the weighted-average method of process costing. Complete Steps 1-5 of the template for Kingbird Enterprises this year using the weighted-average method of process costing. clearly labeling the following. (Round cost per equivalent unit to 2 decimal ploces, eg. 15.25) Equivalent units of production for both DM and corversion costs. The cost per equivalent unit for both DM and corversion costs. The total cost of units completed and the total cost of units in ending WIP irventory. Record the following journal entries. (Credit occount tites ave outomoticolly indented when anount is enfened. Do not indent manually. If no enty is requied, selact "Wo Entry" for the account tides and enter O for the amounts. List aft debit entries before credit entries) 1. Transfer of DM costs from RM Inventory into the processing department this year. 2. Recognition of conversion costs incuirred for the period; assume all DL costs are paid in cash, totaling $2,600. 3. The completion of units, they are nowready for sale