Assignment:
Instructions
Q: 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
Balance |
| Date |
Item |
Debit |
Credit |
Debit |
Credit |
| Mar. |
1 |
Bal., 2,600 units, 35% completed |
|
|
9,154 |
|
|
31 |
Direct materials, 105,000 units |
339,200 |
|
348,354 |
|
|
31 |
Direct labor |
40,200 |
|
388,554 |
|
|
31 |
Factory overhead |
44,872 |
|
433,426 |
|
|
31 |
Goods transferred, 103,900 units |
|
? |
? |
|
|
31 |
Bal., 3,700 units, 80% completed |
|
|
? |
Required:
A. On March 31, prepare the following journal entries for the Papermaking Department:
1 .The completed production transferred to the Converting Department.
B. Determine the Work in Process-Papermaking Department March 31 balance.