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 Process-Papermaking Department ACCOUNT NO.
Balance
Date
Item
Debit
Credit
Debit
Credit
Mar.
1
Bal., 2,600 units, 35% completed
9,127
31
Direct materials, 104,000 units
327,600
336,727
31
Direct labor
40,620
377,347
31
Factory overhead
43,468
420,815
31
Goods transferred, 103,700 units
?
?
31
Bal., 2,900 units, 80% completed
?
Required:
A.
On March 31, prepare the following journal entries for the Papermaking Department:*
1.
The materials charged to production
2.
The conversion costs charged to production
3.
The completed production transferred to the Converting Department
B.
Determine the Work in ProcessPapermaking Department March 31 balance.
*Refer to the Chart of Accounts for exact wording of account titles. Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount.
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