The processing department at Nash Corporation evaluated the costs associated with manufacturing paper towels for the past month.Beginning and newly added costs for May are as follows.Costs in beginning WIP Inventory (from last period)Costs added to WIP Inventory this periodTotal costs to account for(a)Your answer is partially correct.Beginning BalanceStep 3: Account for costsNew DMNew Conversion Costs VEnding BalanceTotal costs$2,10013,160$15,260 $11,100Show the T-account for Nash's WIP Inventory reflecting all of the appropriate costs above.WIP Inventory21000DM13160$1,580152609,520Conversion CostsBeginning BalanceNew DMNew Conversion CostsEnding BalanceV$5203.640$4,160131600210015260

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Description: The processing department at Nash Corporation evaluated the costs associated with manufacturing paper towels for the past month.Beginning and newly added costs for May are as follows.Costs in beginning WIP Inventory (from last period)Costs added to

T-Accounts is the terminology which used to prepare the accounts as per the double entry accounting…

Business

Accounting

inning and newly added costs for May are as follows. Step 3: Account for costs sts in beginning WIP Inventory (from last period) sts added to WIP Inventory this period al costs to account for Total costs DM $2,100 13,160 $15,260 $11,100 $1,580 9,520 Conversion Costs $520 3,640 $4,160

inning and newly added costs for May are as follows. Step 3: Account for costs sts in beginning WIP Inventory (from last period) sts added to WIP Inventory this period al costs to account for Total costs DM $2,100 13,160 $15,260 $11,100 $1,580 9,520 Conversion Costs $520 3,640 $4,160

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 4PA: During March, the following costs were charged to the manufacturing department: $14886 for...

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The packaging department began the month with 500 units that were 100% complete with regard to material and 85% complete with regard to conversion. It received 9,500 units from the processing department and ended the month with 750 units that were 100% complete with regard to materials and 30% complete with regard to conversion. With a $5 per unit cost for conversion and a $5 per unit cost for materials, what is the cost of the units transferred out and remaining in ending inventory?
Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $500O in conversion costs before $8.500 of materials and $11,200 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department.
During March, the following costs were charged to the manufacturing department: $14886 for materials; $14,656 for labor; and $13,820 for manufacturing overhead. The records show that 30,680 units were completed and transferred, while 2,400 remained in ending inventory. There were 33,080 equivalent units of material and 31,640 of conversion costs. Using the weighted-average method, what is the cost of inventory transferred and the balance in work in process inventory?
Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.
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