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JHJ Publishing prints one book utilizing two processes, printing and binding The following transactions occurred...

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Accounting

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JHJ Publishing prints one book utilizing two processes, printing and binding The following transactions occurred 1. Purchased raw materials- ink for $900,000 2 Purchased raw materials- paper for $400,000 3. Purchased raw materials - book covers for $50,000 purchasing 50,000 covers at a unit cost of $1 each 4. Transferred $696,000 in ink to WIP-Printing 5. Transferred $360,000 in paper to WIP- Printing 6. Transferred to WIP-Binding 40,000 book covers 7. Direct labor WIP- Printing- $75,000 8. Applied factory overhead WIP- Printing was $20,000 Record the journal entry to transfer completed printed books to work-in- process binding given the following information: 9. Direct Materials Conversion Costs Completed Units Partially Completed Percentage Completed 40,000 10,000 80% 40,000 10,000 75% PROCESS COST ACCOUNTING EQUIVALENT UNITS (EU) CALCULATION CONVERSION DIRECT MATERIALS |COSTS I. UNITS COMPLETED 2-1 PARTIALLY COMPLETED 3 PERCENTAGE COMPLETED 4. PARTIALLY COMPLETED EQUIVALENT 04000 10 D UNITS TOTAL EQUIVALENT UNITS (1 +4) 6. TOTAL COST W.I.P ACCOUNT 7. COST PER EQUIVALENT UNIT (6/5) 8. UNITS TRANSFERRED ?COSTS RANSFERRED (7.8) TOTAL COST TRANSFERRED

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