OR IREPORT!TYPEAND HOW YOU GOT IT! Cost of Production and Journal Entries Lighthouse Paper Company


OR IREPORT!TYPEAND HOW YOU GOT IT!
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 Department
Mar. 1 Bal., 2,600 units, 35% completed 9,139
31 Direct materials, 105,000 units 330,750 339,889
31 Direct labor 40,560 380,449
31 Factory overhead 54,795 435,244
31 Goods transferred, 103,900 units ? ?
31 Bal., 3,700 units, 80% completed ?
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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