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Question Help 0 For the Love of Painting prepares and packages paint products. For the Love of Painting has twa departments: Blending and Packagng. Direct materials are added at the beginning of the blending processides, and at the end of the packaging process cars. Dat trom the month of May for the Blending Department and asks: Click tha konto vow the data from May For the Love of Painting completed the foloving 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 throughoul each process. The comperly see te weighitec-gverage method. Read the mouirements. Requirement 1. Prepare the journal entries to record the assignment of direct initerials and direct later and the allocation of lacturing verhead to the Blending Department. Also prepare the journal entry to record the cuels of the gulums completed and transferred out to the Packagrg Department Assume labor costs are accrued and rosyet paid. Record debits first, then credits. Exclude explanations from any jours entries. Begin with the summary ouma entry to record the assignment of direct reials and direct labor and the location of manufacturing owerhead to the Blending Department Date Accounts Debit Credit May 31 i Data Table Gallons Ogalera Next, prenare na jumal entry to record thests of the galons completed and transferred out to the Packaging Department. 8,800 galon Date Accounts Debit Credit Beginning Work-in-Proventory Surted in production Complain and transferred out to Packaging in May Erding Work-in-Process Inventory (80% of the way through the blending processe) 4,400 galers May 31 2,200 galon Costs Beginning Work-in-Pramare Inventory - $ Cose added during May Requirement 2. Feat the ournal entries to the Work-In-Process Inventory-Blending T-account. What is the ending balance? Direct materials 4.820 Post the entries using the appropriale descriptions es posing references. Derrol the ending balance es "Be!" Direct lahe 25001 Work-in-Process Inventory-Blending 1548 Manutachering averted alocated Bag. RAI 0 $ 8.888 Total cos added ouring May III Print Done II Requirement 3. What is the average cost per gallon transferred out of the Blending Departure into the Packaging Departem? Why would the company margers want to know this usl? Determine the formula, then enter the amount to calculate the average rat per gallon transferred out of the Blending Department. (Round your answer to the nearest cant] Avarega cost per gallan Why would the company manacers want to know this cost? Chance from any list or enter any number in the input files and then continue to the next question. 2 Reference For the Love of Painting Production Cost Report - Blending Department (Partial) Month Ended May 31 Direct Conversion Total COSTS Materials Costs Costs Costs to account for: Beginning work-in-process $ 0 $ 0 $ 0 Costs added during the period 4,620 4,048 8,668 Total costs to account for 4,620 4,048 8,668 6,600 5,060 Divided by: Total EUP $ 0.70 $ 0.80 Cost per equivalent unit Costs accounted for: Completed and transferred out $ 3,080 $ 3,520 $ 6,600 1,540 528 2,068 Ending work-in-process $ 4,620 $ 4,048 $ 8,668 Total costs accounted for Print Done Why would the company managers want to know this cost? A. Managers use the cost per gallon for external financial reportingspecifically to calculate the cost of Goods Sold on the Income Statement. B. 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. C. Managers use the cost per gallon for external financial reportingspecifically to calculate the ending inventory balances on the Balance Sheet. D. 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. Choose from any list or enter any number in the input fields and then continue to the next