Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please show all work, thanks! Johnson Paper Co. produces the paper used by wallpaper manufacturers. Johnson's four-stage process includes mixing, cooking, rolling, and cutting. i

Please show all work, thanks!

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Johnson Paper Co. produces the paper used by wallpaper manufacturers. Johnson's four-stage process includes mixing, cooking, rolling, and cutting. i (Click the icon to view additional information.) The Mixing Department compiled the following data for March: (Click the icon to view the data.) Read the requirements. On March 1, the Mixing Department had 450 rolls of paper in process. During March, the Mixing Department completed the mixing process for those 450 rolls and also started and completed the mixing process for an additional 3,550 rolls of paper. The department started but did not finish the mixing process for an additional 500 rolls, which were 20% complete with respect to both direct materials and conversion work at the end of March. Direct materials and conversion costs are incurred evenly throughout the mixing process. Direct Materials Direct Labor Manufacturing Overhead Allocated Total Costs Beginning inventory, Mar. 1 $ 280 $ 220 $ 825 325 $ 2,170 4,845 3,640 10,655 Costs added during March $ 5,125 $ 2,495 $ 3,860 $ 11,480 Total costs Requirement 1. Prepare a production cost report for the Mixing Department for March. The company uses the weighted-average method. (Round all cost per unit amounts to the nearest cent and all other amounts to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.) Johnson Paper, Co. Production Cost Report-Mixing Department Month Ended March 31 Equivalent Units Physical Direct Conversion UNITS Units Materials Costs Units to account for: Total units to account for Units accounted for: Total units accounted for Direct Conversion Total COSTS Materials Costs Costs Costs to account for: Total costs to account for Cost per equivalent unit Costs accounted for: Total costs accounted for Costs accounted for: Total costs accounted for Requirement 2. Journalize all transactions affecting the company's mixing process during March. Assume labor costs are accrued and not yet paid. Begin with a summary journal entry to record the assignment of direct materials, direct labor, and the allocation of manufacturing overhead to the Mixing Department. (Prepare a single compound journal entry. Record debits first, then credits. Exclude explanations from any journal entries.) Date Accounts Debit Credit Mar. 31 Prepare the journal entry to record the cost of the units completed and transferred out of the Mixing Department. Date Accounts Debit Credit Mar. 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial & Managerial Accounting, The Financial Chapters

Authors: Tracie Miller Nobles, Brenda Mattison

7th Edition

0136505279, 9780136505273

More Books

Students also viewed these Accounting questions

Question

Explain the use of the employment interview.

Answered: 1 week ago

Question

Identify environmental factors that affect the selection process.

Answered: 1 week ago