Account Work in Process-Papermaking Department Account No. Balance Date Item Deb

Question

Account Work in Process-Papermaking Department Account No. Balance Date Item Debit Credit Debit Credit 1 Bal, 6,300 units, 40% completed 31 Direct materials, 33,600 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 37,500 units 31 Bal., 2,400 units, 50% completed Mar. 53,760 16,210 9,116 12,096 65,856 82,066 91,182 a1. Prepare the March journal entry for the Papermaking Department for the materials charged to production. Work in Process-Papermaking Department 53 760 Materials-Pulp 53,760

Explanation / Answer

ans a3 Dr Cr Work In procee Converting Department $86,502 Work in Process-Papermaking department $86,502 (being usints transferred out) ans b Ending WIP $4,680 see the working below using FIFO method Cost production report Flow Of Units Physical Units Direct Material A Conversion cost Units to be accounted for Beginning work in process inventory 6300 Units started 33600 Total u nits to be accounted for    39900 Units accounnted for: Transferred out from units of opening WIP 6300 Units started and completed this period 31200 Completed and transferred out (b) 37500 Ending work in progress inventory© 2400 Total units to be accounted for (f)      39900 Calculation of equivalent units Units in Beginning WIP n 6300 6300 % of completion of Beginning WIP in last period    100% 40% % of completion of Beginning WIP completed in current period m 0% 60% Equivalents units of Beginning Wip A (n*m) 0 3780 Units started and completed B 31200 31200 31200 Units of Ending WIP   2400 2400 2400 % completion 100% 100% 50% Equivalent units in ending WIP E 2400 2400 1200 Total Equivalent units A+B+E 33600 36180 Cost per equivalent units Direct Material A Conversion cost Total Cost per equivalent units Cost during the period   $53,760 25326 $79,086 Total equivalent units 33600 36180 Cost per equivalent units   d $1.60 $0.70 $2.30 Cost charged to production Beginning Work in Process, 12096 Cost incurred during the period $79,086 Total cost accounted 91182 Cost allocated Work in Process, Beginning 12096 To complete Inventory in process Beginning   $2,646 $2,646 Cost of completed Beginning, Wip $14,742 Started and completed b*d $49,920 $21,840 $71,760 Transferred 0ut $86,502 Work in process Ending c*d $3,840 $840 $4,680 Total cost assigned 91182 If any doubt please comment

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