Score: 0.84 of 1 pt 5 of 6 (6 complete) HW Score: 74.36%, 4.46 of 6 pts %E20-20 (similar to) Question Help Color Explosion prepares and packages paint products. Color Explosion has two departments: Blonding and 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 May for the Blending Department are as follows: (Click the icon to view the data from May.) Color Explosion completed the following production cost report for its Blending Department for the month of May (Click the icon to view the assignment of costs.) Read the requirements Date Requirement 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Blending Department. Also, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin with the summary journal entry to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Blending Department Accounts Debit Credit May 31 Work-in-Process Inventory--Blending 7,762 Raw Materials Inventory 4,950 Manufacturing Overhead Wages Payable 1,912 Next, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department. 900 Click to select your answer(s) and then click Check Answer. Color Explosion prepares and packages paint products. Color Explosion has two departments: Blending and Packaging Direct materials are added at the beg the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. Data from the mon May for the Blending Department are as follows: Click the icon to view the data from May.) Color Explosion completed the following production cost report for its Blending Department for the month of May: (Click the icon to view the assignment of costs.) Read the requirements Next, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department. Accounts Credit May 31 Work-in-Process Inventory-Packaging 5,220 Work-in-Process Inventory--Blending 5,220 Date Debit Requirement 2. Post the journal entries to the Work-in-Process InventoryBlending T-account. What is the ending balance? Post the entries using the appropriate descriptions as posting references. Denote the ending balance as "Bal." Work-in-Process Inventory-Blending Beg. Bal 5,220 Transferred to Packaging Click to select your answer(s) and then click Check Answer Clear All Final Check 1 part remaining Tharsoura Color Explosion prepares and packages paint products. Color Explosion has two departments: Blending and Packaging. Direct materials are added at the beginning 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 May for the Blending Department are as follows: Click the icon to view the data from May.) Color Explosion completed the following production cost report for its Blending Department for the month of May: (Click the icon to view the assignment of costs.) Read the requirements Post the entries using the appropriate descriptions as posting references. Denote the ending balance as "Bal." Work-In-Process Inventory--Blending Beg. Bal. 5,220 Transferred to Packaging Direct materials 4,950 1,912 Manufacturing overhead Bal 2,542 Requirement 3. What is the average cost per gallon transferred out of the Blending Department into the Packaging Department? Why would the company managers want to know this cost? Determine the formula, then enter the amounts to calculate the average cost per gallon transferred out of the Blending Department. (Round your answer to the nearest cent.) 0 Direct labor 900 Click to select your answer(s) and then click Check Answer. 70, W E20-20 (similar to) Question Color Explosion prepares and packages paint products. Color Explosion has two departments: Blending and Packaging. Direct materials are added at the b the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. Data from the me May for the Blending Department are as follows: (Click the icon to view the data from May.) Color Explosion completed the following production cost report for its Blending Department for the month of May: (Click the icon to view the assignment of costs.) Read the requirements Requirement 3. What is the average cost per gallon transferred out of the Blending Department into the Packaging Department? Why would the company mm want to know this cost? Determine the formula, then enter the amounts to calculate the average cost per gallon transferred out of the Blending Department. (Round your answer to t cent.) Completed and transferred out costs | Completed and transferred out gallons Average cost per gallon $ 5,220 5,800 0.90 Why would the company managers want to know this cost? The managers would compare the average cost per gallon against their budgeted costs to determine whether the costs of the blending process remain If budgeted costs are higher than the average cost per gallon then the managers have done a good job controlling costs. In contrast budgeted costs are higher than the average cost per gallon managers will investigate the reason for the higher-than-expected costs in an effort to res under control control over costs. Click to select your answer(s) and then click Check Answer. 1 part remaining Clear All Final Check