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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 Date Mar. Item Department 1 Bal., 2,600 units, 35% completed 31 Direct materials, 105,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 103,900 units 31 Bal., 3,700 units, 80% completed Debit 330,750 40,560 54,795 Credit ? Account No. Balance Debit 9,139 339,889 380,449 435,244 ? Credit a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production. If an amount box does not require an entry, leave it blank. 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. 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. If an amount box does not require an entry, leave it blank. 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. $

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 Date Mar. Item Department 1 Bal., 2,600 units, 35% completed 31 Direct materials, 105,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 103,900 units 31 Bal., 3,700 units, 80% completed Debit 330,750 40,560 54,795 Credit ? Account No. Balance Debit 9,139 339,889 380,449 435,244 ? Credit a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production. If an amount box does not require an entry, leave it blank. 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. 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. If an amount box does not require an entry, leave it blank. 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. $

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 19E
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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 Date Item Department Mar. 1 Bal., 2,600 units, 35% completed 31 Direct materials, 105,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 103,900 units 31 Bal., 3,700 units, 80% completed Debit 330,750 40,560 54,795 Credit Account No. Balance Debit 9,139 339,889 380,449 435,244 ? Credit a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production. If an amount box does not require an entry, leave it blank. 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. E 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. If an amount box does not require an entry, leave it blank. 18 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. $
Transcribed Image Text: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 Date Item Department Mar. 1 Bal., 2,600 units, 35% completed 31 Direct materials, 105,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 103,900 units 31 Bal., 3,700 units, 80% completed Debit 330,750 40,560 54,795 Credit Account No. Balance Debit 9,139 339,889 380,449 435,244 ? Credit a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production. If an amount box does not require an entry, leave it blank. 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. E 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. If an amount box does not require an entry, leave it blank. 18 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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