Two departments, journal entries eith supporting calculations - weighted average method

Patterson laborstories Inc priduces one of its products in two successive departments. all materials are added at the beginning of the process in dept. 1, no materials are used in dept. 2. conversion costs are incurred evenly in both departments. patterson uses the weighted average method for process costing. january 1, 2019

vuring January, the rollowing transactions occurred: 1. Purchased material on account, $90,000. 2. Placed $84,000 of material into process in Department 1. This $84,000 represents 24,000 units of materials. 3. Distributed total payroll costs: $108,116 of direct labor to Department 1,\$62,700 of direct labor to Department 2, and \$51,000 of indirect labor to Manufacturing Overhead. 4. Incurred other actual manufacturing overhead costs, $81,000. (Credit Other Accounts.) 5. Applied overhead to the two processing departments: $88,000 to Department 1 and $43,900 to Department 2 6. Transferred 25,000 completed units from Department 1 to Department 2. The 2,000 units remaining in Department 1 were 20% completed with respect to conversion costs. 7. Transferred 26,000 completed units from Department 2 to finished goods inventory. The 2,550 units remaining in Department 2 were 70% completed with respect to conversion costs. 8. Sold 20,000 units on account at $27 per unit. Patterson uses weighted average inventory costing procedure for the finished goods inventory. Record the january transactions in general journal form for Department 1 and Department 2. Hint: Complete the product cost reports for Departments 1 and 2 before entering journal entries for transactions 6,7 , and 8 . b. Prepare a product cost report (with its supporting calculations) for Department 1 . Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other inswers to the nearest whole number. c. Prepare a product cost report (with its supporting calculations) for Department 2. Round average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. d. Oetermine the balances remaining in the Materials Inventory account, in each work in process account, and in the Finished Goods Inventory account. Enter answers in the order of your journal entries in part a., using the first avallable answer box in the approptiate debit or credit column