Work-in Process Inventory-Cutting Balance, May 1 Transfer out to Direct Materials 49,000 Direct Labor 5,000 Manufacturing Overhead 25,000 Balance, May 31 1,000 Work-in-Process Inventory-Finishing Balance, May 1 13,000 150,000 Transfer out to Transfer in from Direct Materials 23,000 Direct Labor Manufacturing Overhead 16,000 Balance, May 21 1,000 Work-in Process Inventory-Packaging Balance, May 1 9,000 () Transfer out to Transfer in from (e) Direct Materials 1 060 Direct Labor 2,000 Manufacturing Overhead 14,000 Balance, May 31 16,000 Finished Goods Inventory Balance, May 1 Transfer out to Transfer in from Balance, May 21 2,000 Cost of Goods Sold Balance, May 1 Transfer in from Balance, May 31Conversion costs are added evenly throughout the process. The company uses the weighted-average method. Read the requirement. Scenario 1. Units in process at the end of August are 20% complete; materials are added at the beginning of the process. Flores Company Production Cost Report - Assembly Department (Partial) Data table Month Ended August 31 Equivalent Units Physical Direct Conversion Units in process at the beginning of August 700 Units Materials Costs Units started in August 1,600 UNITS 1,400 Units accounted for: Units completed and transferred Completed and transferred out Units in process at end of August 900 Ending work-in-process Total units accounted for..... ....... ...... ..... Fwy... ...... \"mums... Wu. F.............. ..... l... ..... ....,........ ..... \".5\" .5. Production Cost Report - Blending Department (Partial) UNITS Units to account tor: You Can Paint Too Month Ended May 31 Physical Units Total units to account for Units accounted tor: Equivalent Units Direct Materials Conversion Costs Total units accounted for Data table Gallons Beginning Work-inProcess Inventory Started in productlon Completed and transferred out to Packaging In May Ending Work-inProcess Inventory (30% of the way through the blending process) Costs Beginning Work-inProcess Inventory Costs added during May: Direct materials Direct labor Manufacturing overhead allocated Total costs added during May 0 gallons 9,900 gallons 5,800 gallons 4,100 gallons 4,950 1.912 $ 7,762 You're an Artist Production Cost Report . Blending Department (Partial) Month Ended May 31 Direct Conversion Total POSTS Materials Costs Costs Costs to account for Beginning work in process Costs added during the period 4,950 2 812 7,762 Total costs to account for 4,950 2 812 7,762 Divided by: Total EUP 9.900 7.020 Cost per equivalent unit 0.60 0.40 Costs accounted for. Completed and transferred out 2, 900 $ 2 320 $ 5,220 Ending work in-process 2,050 2,542 4,950 5 Total costs accounted for 2 812 $ 7,762Gallons Beginning Work-in-Process Inventory 0 gallons Started in production 9.900 gallons Completed and transfered out to Packaging in May 5,800 gallons Ending Work-in Process Inventory (309% of the way through the blending process) 4,100 gallons Costs Beginning Work-in Process Inventory Costs added during May: Direct materials 4.950 Direct labor 1,912 Manufacturing overhead allocated 900 Total costs added during May 7,762requirement 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overnead to the Blending Department. Also, prepare the journal entry to record ine costs Of the gallons completed and transferred out to the Packaging Department. Assume labor costs are accrued and not yet paid. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin with the journal entry to record the assignment of direct materials to the Blending Department. Do not record the assignment of direct labor or the allocation of manufacturing overhead with this entry. We will prepare those entries separately in the following steps. Date Accounts Debit Credit May 31Lawrence Company Production Cost Report . Finishing Department Month Ended September 30, 2024 Equivalent Units Physical Direct Conversion UNIT'S Units Materials Costs Units to account for: Beginning work-in-process 300 Started in production 2,000 Total units to account for Units accounted for. Completed and transferred out Ending work in-process 300 Total units accounted for icl Direct Conversion Total COSTS Materials Costs Costs Costs to account for Beginning work-in-process 1 000 1,900 Costs added during period 14,640 4.005 Total costs to account for 4,905 20.545 Divided by: Total EUP Cost per equivalent unit Costs accounted for: Completed and transfered out (5) Ending work-in-process (w) (xx) $ 20.545 Total costs accounted forMore info 1. Purchased raw materials on account, $75,000 2. Used materials in production: $25,000 in the Mixing Department; $10,000 in the Packaging Department; $900 in indirect materials 3. Incurred labor costs: $7,000 in the Mixing Department; $7,400 in the Packaging Department; $2,500 in indirect labor 4. Incurred manufacturing overhead costs: $7,000 in machinery depreciation; paid $2,500 for rent and $1,280 for utilities1. Purchased raw materials on account, $75,000 Date Accounts Debit Credit