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Home decor inc. produces exterior latex paint, which it sells in one gallon containers. The company...

Home decor inc. produces exterior latex paint, which it sells in one gallon containers. The company has two processing departments- Base fab finishing. White paint, which is used as a base for all the company’s paint, is mixed from raw ingredients in the base fab department. Pigments are then added to the basic white paint, the pigment paint is squired under pressure into one gallon containers, and the containers are labeled and packed for shipping in the finishing department. Information relating to the company’s operation for april follows: A- transferred basic white paint from the base fab department to the finishing department, $1,850,000. B- transferred paint that had been prepared for shipping from the finishing department to finished goods, $3,200,000 Prepare journal entries to record items (A) Prepare journal entries to record items (B) and indicate in which statement the “Finished Goods” account will be reported at the end of the period?

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Answer #1
Account Titles Debit Credit
(A) Work in Process - Finishing $    1,850,000
       Work in Process - Base Fab $     1,850,000
(B) Finished Goods Inventory $    3,200,000
       Work in Process - Finishing $     3,200,000

Finished Goods account is report in Balance Sheet under head Current Assets.

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