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Marigold Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Marigold produces the paint in its mixing department and then transfers the paint to the canning department. The following information is presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout the process. One unit is one gallon of paint. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion Units 1,700 47,500 48,200 1,000 Transferred-In 100% $12,020 DM 100% 100% $2,020 $408,500 $55,800 096 Conversion Costs 60% $1,880 $99,708 30%

Marigold Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Marigold produces the paint in its mixing department and then transfers the paint to the canning department. The following information is presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout the process. One unit is one gallon of paint. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion Units 1,700 47,500 48,200 1,000 Transferred-In 100% $12,020 DM 100% 100% $2,020 $408,500 $55,800 096 Conversion Costs 60% $1,880 $99,708 30%

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter2: Basic Cost Management Concepts
Section: Chapter Questions
Problem 16E: Kildeer Company makes easels for artists. During the last calendar year, a total of 30,000 easels...
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Marigold Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Marigold produces the paint in its mixing department and then transfers the paint to the canning department. The following information is presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout the process. One unit is one gallon of paint. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion (a) Your Answer Correct Answer . . Total equivalent units of work done Cost per aquivalent Unit S Units Teep cost of units complete 1,700 Transferred-in 47,500 48,200 1,000 Transferred-In 100% 100% $12,020 $2,020 DM $408,500 $55,800 100% Complete Steps 1-5 of the template for the canning department of Marigold Paints this year using the FIFO method of process costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, ca. 15.25 Equivalent units of production for all three cost categories: transferred-in, DM, and conversion costs. The cost per equivalent unit for all three cost categories: transferred-in, DM, and conversion costs. The total cost of units completed and the total cost of units in ending WIP Inventory 096 DM Conversion Costs 60% $1,980 $99,708 30% % Conversion Cost
Transcribed Image Text:Marigold Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Marigold produces the paint in its mixing department and then transfers the paint to the canning department. The following information is presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout the process. One unit is one gallon of paint. Units in beginning WIP Inventory Beginning WIP Inventory degree of completion Costs in beginning WIP Inventory New units started Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion (a) Your Answer Correct Answer . . Total equivalent units of work done Cost per aquivalent Unit S Units Teep cost of units complete 1,700 Transferred-in 47,500 48,200 1,000 Transferred-In 100% 100% $12,020 $2,020 DM $408,500 $55,800 100% Complete Steps 1-5 of the template for the canning department of Marigold Paints this year using the FIFO method of process costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, ca. 15.25 Equivalent units of production for all three cost categories: transferred-in, DM, and conversion costs. The cost per equivalent unit for all three cost categories: transferred-in, DM, and conversion costs. The total cost of units completed and the total cost of units in ending WIP Inventory 096 DM Conversion Costs 60% $1,980 $99,708 30% % Conversion Cost
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