The processing department at Wildhorse Corporation evaluated the costs associated with manufacturing paper towels for the past month. Beginning and newly added costs for May are as follows. Step 3: Account for costs Total costs DM Conversion Costs Costs in beginning WIP Inventory (from last period) $1,780 $1,480 $300 Costs added to WIP Inventory this period 12,020 8,120 3,900 Total costs to account for $13,800 $9,600 $4,200 (a) Show the T-account for Wildhorse’s WIP Inventory reflecting all of the appropriate costs above. WIP Inventory select an option enter a debit amount select an option enter a credit amount select an option enter a debit amount select an option enter a credit amount select an option enter a debit amount select an option enter a credit amount select an option enter a debit balance select an option
The processing department at Wildhorse Corporation evaluated the costs associated with manufacturing paper towels for the past month. Beginning and newly added costs for May are as follows. Step 3: Account for costs Total costs DM Conversion Costs Costs in beginning WIP Inventory (from last period) $1,780 $1,480 $300 Costs added to WIP Inventory this period 12,020 8,120 3,900 Total costs to account for $13,800 $9,600 $4,200 (a) Show the T-account for Wildhorse’s WIP Inventory reflecting all of the appropriate costs above. WIP Inventory select an option enter a debit amount select an option enter a credit amount select an option enter a debit amount select an option enter a credit amount select an option enter a debit amount select an option enter a credit amount select an option enter a debit balance select an option
Chapter5: Process Costing
Section: Chapter Questions
Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....
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Question
The processing department at Wildhorse Corporation evaluated the costs associated with manufacturing paper towels for the past month. Beginning and newly added costs for May are as follows.
Step 3: Account for costs
|
||||||
---|---|---|---|---|---|---|
Total costs
|
DM
|
Conversion Costs
|
||||
Costs in beginning WIP Inventory (from last period)
|
$1,780 | $1,480 | $300 | |||
Costs added to WIP Inventory this period
|
12,020 | 8,120 | 3,900 | |||
Total costs to account for
|
$13,800 | $9,600 | $4,200 |
(a)
Show the T-account for Wildhorse’s WIP Inventory reflecting all of the appropriate costs above.
WIP Inventory
|
|||||
---|---|---|---|---|---|
select an option
|
enter a debit amount |
select an option
|
enter a credit amount | ||
select an option
|
enter a debit amount |
select an option
|
enter a credit amount | ||
select an option
|
enter a debit amount |
select an option
|
enter a credit amount | ||
select an option
|
enter a debit balance |
select an option
|
enter a credit balance |
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Part B:
Assuming Wildhorse uses the FIFO method of
DM
|
Conversion Costs
|
|||
---|---|---|---|---|
Total equivalent units of work done this period (FIFO)
|
29,000 | 26,000 |
STEP 4
|
||||
---|---|---|---|---|
Calculate Cost Per Equivalent Unit
|
DM
|
Conversion Cost
|
||
select an item Correct answer
|
$enter a dollar amount Correct answer | $enter a dollar amount Correct answer | ||
select an item Correct answer
|
enter a number of unitsCorrect answer | enter a number of unitsCorrect answer | ||
select a closing name Correct answer
|
$enter a dollar amount rounded to 2 decimal places | $enter a dollar amount rounded to 2 decimal places |
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