Question & Answer: I am particularly interested in the second page questions. Could someone review what I've done and tell whether it is correct?…..

ACC 212 Challenge #3 Name: Process Cost Accounting Oregon Wood Products, Inc. makes sheets of plywood in a three-step process that involves the following departments. 1) Forming, 2) Sizing, and 3) Finishing. In all three departments materials costs are added at the beginning of the process and conversion costs are added evenly throughout the process. The following information applies to the Forming Department at the beginning of May: Number of sheets of plywood carried over as incomplete from the prior month: Percent of completion of beginning WIP inventory with respect to conversion costs: 1,400 75% The cost of direct materials costs in beginning work in process: The cost of conversion beginning work in Process: $7,490 $8,645 The following information relates to the transactions that occurred in the Forming Department during May: Additional direct materials costs incurred in May a $193,135 Additional direct labor costs incurred in May – $55,000 Additional factory overhead costs applied in May $19,568 36,000 1,500 The following information applies to the Forming Department at the end of May: Sheets of plywood completed and transferred out during May: Number of sheets of plywood in progress on May 31st: Percent of completion of ending WIP inventory with respect to conversion costs Required: 1. Complete the attached Process Cost Summary 2. Prepare and post the following journal entries (including explanations): May 31 Record the costs transferred into the Forming Department during May. May 31 Record the costs transferred out of the Forming Department during May. General Journal Date Description Imay UDIP- Fosmina Debit Credit I1350 LLP. Foming 55,000 WP – Formiga 9568 23. BBB TR3 RAI TE AP – Facina work in Process 5/1 16,135 37