Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4,...

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Required information Problem 16-7AA FIFO: Process cost summary, equivalent units, cost estimates LO C2, C3, C4, P4 [The follo

2. Prepare the journal entry dated October 31 to transfer the cost of completed units to the Blending department. (Do not rou

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16-7AA Part 2)
Process Cost / Production Report:

Particulars	Physical units	DM	Conv.	Total
WIP Begin	3000	0	1800
Started & Completed	19200	19200	19200
Transferred out	22200
WIP End	2400	2400	1920
Equivalent units (A)		21600	22920
Cost Incurred during mth (B)		248400	1082970
Cost per Eq. unit (B/A)		11.50	47.25
Total cost of WIP Begin:
Opening costs		9900	110970
Costs added		0	85050
Total Costs of WIP Begin		9900	196020	205920
Cost of started & completed		220800	907200	1128000
Cost of Transferred out				1333920

2) Journal Entry:

Date	Acc Titles	Dr. $	Cr. $
31-Oct	WIP - blending	1333920
	WIP - roasting		1333920
	(Transfer of semi-finished goods to blending)

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