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Please answer all requirementa and I will like. Thank you! Paints by Lucy prepares and packages paint products. The company has two departments: (1) Blending
Please answer all requirementa and I will like. Thank you!
Paints by Lucy prepares and packages paint products. The company has two departments: (1) Blending and (2) Packaging Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. Data from the month of August for the Blending Department are as follows: ile the con to view the dista from August) Click the loan to view the assignment of costs) Read the requirements Requirement 1. Prepare the journal entry to record the use of direct materials and direct labor and the location of manufacturing overhead to the Blonding Department Also give the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department Assume the wages are unpaid I Begin by preparing the journal entry to record the court to the Blending Department (Record debit first, then credite Exclude explanation from any journal entre) Journal Entry Date Accounts Debit Credit . Data Table 0 Gallons: Beginning work in process inventory Started production Completed and transferred out to Packaging in August Ending work in process inventory (40% of the way through the blending process) 8,400 gallons 6,200 gallons 2,200 gallons Costs: $ 0 Beginning work in process inventory Costs added during August: Direct materials (dyes) 5,460 920 Direct labor Data Table 8,400 gallons 6,200 gallons Started production Completed and transferred out to Packaging in August Ending work in process inventory (40% of the way through the blending process) 2,200 gallons Costs: $ 0 ho Beginning work in process inventory Costs added during August: Direct materials (dyes) Direct labor.. 5,460 920 1,912 Manufacturing overhead $ $ 8,292 Total costs added during August. Reference Paints by Lucy Blending Department Assigning Costs Direct Conversion Materials Costs Total a. Completed and transferred out: Equivalent units completed and transferred out 6,200 6,200 0.65 $ $ 0.40 Multiplied by: Cost per equivalent unit Costs assigned to units completed and transferred out b. Ending work in process: $ 4,030 $ 2,480 $ 6,510 Reference Materials Costs Total a. 6,200 0.65 $ 6,200 0.40 $ $ 4,030 $ 2,480 S 6,510 Completed and transferred out: Equivalent units completed and transferred out Multiplied by: Cost per equivalent unit Costs assigned to units completed and transferred out b. Ending work in process: Equivalent units in ending work in process, August 31 Multiplied by: Cost per equivalent unit Costs assigned to units in ending work in process, August 31 2,200 0.65 $ 880 0.40 S $ 1.430 $ 1,782 352 S Total costs accounted for 8,292 Step by Step Solution
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