Lighthouse Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting....
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Accounting
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 ProcessPapermaking Department ACCOUNT NO
a On March prepare the following journal entries for the Papermaking Department:
The materials charged to production
The conversion costs charged to production
The completed production transferred to the Converting Department
b Determine the Work in ProcessPapermaking Department March balance.
Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount.
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