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Smithson Winery in Pleasant Valley, New York, has two departments: Fermenting and Packaging. Smithson Winery completed the following production cost report for its Fermenting Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the Department for the month of March: packaging process (bottles). Data from the month of March for the Fermenting Department are (Click the icon to view the production cost report.) as follows: Conversion costs are added evenly throughout each process. The company uses (Click the icon to view the data from March.) the weighted-average method. Read the requirements. Gallons Beginning Work-in-Process Inventory 400 gallons Started in production 7,400 gallons Completed and transferred out to Packaging in March 6,400 gallons Ending Work-in-Process Inventory ( 80% of the way 1,400 gallons through the fermenting process) Costs Beginning Work-in-Process Inventory: Direct materials Direct labor Manufacturing overhead allocated $4,810250230 Costs added during March: Direct materials 4,550 Direct labor Manufacturing overhead allocated Total costs added during March \begin{tabular}{rr} \hline$,160 \\ \hline \hline \end{tabular} Smithson Winery 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? 3. What is the average cost per gallon transferred out of the Fermenting Department into the Packaging Department? Why would Smithson Winery's managers want to know this cost? Requirement 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. (Record debits first, then credits. Exclude explanations from any journal entries.) Begin with the journal entry to record the assignment of direct materials to the Fermenting Department. Do not record the assignment of direct labor or the allocation of manufacturing overhead with this entry. We will prepare those entries separately in the following steps. Prepare the journal entry to record the assignment of direct labor to the Fermenting Department. Assume labor costs are accrued and not yet paid. Prepare the journal entry for the allocation of manufacturing overhead to the Fermenting Department. \begin{tabular}{c||c||c||c||c|} Date & Accounts & Debit & Credit \\ \hline \hline \multirow{2}{*}{ Mar. 31} & & & \\ & & & & \\ \hline \end{tabular} Requirement 2. Post the journal entries to the Work-in-Process Inventory-Fermenting T-account. What is the ending balance? Post the entries using the appropriate descriptions as posting references. Denote the ending balance as "Bal." Work-in-Process Inventory-Fermenting Requirement 3. What is the average cost per gallon transferred out of the Fermenting Department into the Packaging Department? Why would Smithson Winery's managers want to know this cost? (Round your answer to the nearest cent.) The average cost per gallon transferred out of Fermenting is per gallon. Why would Smithson Winery's managers want to know this cost? A. Managers would compare the average cost per gallon against their budgeted costs to determine whether the costs of the blending process remain under control. If budgeted costs are higher than the actual average cost per gallon, then the managers have done a good job controlling costs. In contrast, if the budgeted costs are lower than the actual average cost per gallon, managers will investigate the reason for the higher-than-expected costs in an effort to regain control over costs. B. Managers use the cost per gallon for external financial reporting - specifically to calculate the Cost of Goods Sold on the Income Statement. C. Managers use the cost per gallon for external financial reporting -specifically to calculate the ending inventory balances on the Balance Sheet. D. All of the above are reasons why management would be interested in this cost per unit for gallons completed and transferred out to Finished Goods Inventory