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Please help me figure out a3 and b of this accounting homework. Thank you! Cost of Production and Journal Entries Item Lighthouse Paper Company manufactures
Please help me figure out a3 and b of this accounting homework. Thank you!
Cost of Production and Journal Entries Item 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 Debit Credit Debit Credit Jan. 1 Bal., 6,200 units, 20% completed 14,880 31 Direct materials, 33,100 units 49,650 64,530 31 Direct labor 16,300 80,830 31 Factory overhead 9,166 89,996 31 Goods transferred, 36,900 units ? 7 ? 31 Bal., 2,400 units, 30% completed ? al. Prepare the March journal entry for the Papermaking Department for the materials charged to production. Work in Process-Papermaking Department 49,650 Materials-Pulp 49,650 Feedback a 2. 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 25,466 Wages Payable 16,300 Factory Overhead 9,166 Feedback 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 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 dallar
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