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E-M:3-23 Computing EUP, assigning costs, with beginning WIP, no costs transferred in (Learning Objectives 2, 3) Shea Winery in Pleasant Valley, New York, has two departments: Fermenting and Packaging. Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the packaging process (bottles). Conversion costs are added evenly throughout each process. The company uses the weighted average method. Data from the month of March for the Fermenting Department are as follows: Gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in March Ending Work-in-Process Inventory (80% of the way through the fermenting process) Costs Beginning Work-in-Process Inventory: Direct materials 500 gallons 8,600 gallons 7,900 gallons 1,200 gallons $ 540 $ 540 195 210 Beginning Work-in-Process Inventory: Direct materials Direct labor Manufacturing overhead allocated Costs added during March: Direct materials Direct labor Manufacturing overhead allocated Total costs added during March 9,288 3,305 3,378 $ 15,971 Requirements 1. Compute the Fermenting Department's equivalent units of production for direct materials and for conversion costs. 1. EUP for CC 8,860 1. EUP for CC 8,860 2. Compute the total costs of the units (gallons) a. completed and transferred out to the Packaging Department. b. in the Fermenting Department ending Work-in-Process Inventory. Note: Exercise E-M:3-23 must be completed before attempting Exercise E-M:3-24. E-M:3-24 Preparing journal entries, posting to T-accounts, making decisions (Learning Objectives 5, 6) Refer to the data and your answers from Exercise E-M:3-23. Requirements Requirements 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Fermenting Department. Assume labor costs are accrued and not yet paid. Also prepare the journal entry to record the cost of the gallons completed and transferred out to the Packaging Department. 2. Post the journal entries to the Work-in-Process Inventory- Fermenting T-account. What is the ending balance? 2. WIP Balance $2,064 3. What is the average cost per gallon transferred out of the Fermenting Department into the Packaging Department? Why would Shea Winery's managers want to know this cost