Need help with section b Cost of Production and Journal Entries 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. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 2,600 units, 35% completed 9,139 31 Direct materials, 105,000 units 330,750 339,889 31 Direct labor 40,560 380,449 31 Factory overhead 54,795 435,244 31 Goods transferred, 103,900 units ? ? 31 Bal., 3,700 units, 80% completed ? a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production. Work in Process-Papermaking Department 330,750 Materials-Pulp 330,750 Feedback a1. Remember there are three different types of inventory; materials, work in process, and finished goods. a2. 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 95,355 Wages Payable 40,560 Factory Overhead 54,795 Feedback a2. What types of costs are included in conversion costs? By adding these conversion costs are the units complete and ready for transfer? 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 420,925 Work in Process-Papermaking Department 420,925 Feedback a3. Remember that each department has a work in process account. Are these units 100% complete and ready to be sold or are they still in process? 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 dollar. $ ?
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Need help with section b Cost of Production and Journal Entries Lighthouse Paper Company manufacture...
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