SHARED V CHAPTER 20 WORKSHEET The Chocolate Factory is well known for their famous Chocolate Cakes. The cakes are made by putting two thirds of their materials into the production of the product up front, and the last third of materials into the production of the product at the end. Conversion Costs are allocated evenly over the production of the products. At the beginning of the period there were 1,200 cakes in production that were 40% complete. There were 3,400 cakes completed during the period and there were 864 cakes in ending work in process that were also 40% complete. Total Direct Labor cost for the period was $15,000, Total Direct Material cost for the period was $40,000, and Total Factory Overhead was 18,000. The total production costs for the current period amounted to $90,000. This is computed as follows. Direct Materials cost already spent on Beginning WIP $8,000 Conversion cost already spent on Beginning WIP $9,000 Total INV cost of Beginning WIP $17,000 DM Contributed during period Total $40,000 DL contributed during he period FOH contributed during the period $15,000 Conversion Total Total Maler Total $18,000 Total: $90,000 If you sold 2,500 cakes for $35 a piece, record the two part journal entry necessary to memorialize it