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Assuming Marigold Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, e.g. 5,125) Total cost of units completed Cost of units in ending WIP Inventory Account Titles and Explanation FG Inventory $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) WIP Inventory 171908 6309 Debit 171908 Credit 171908

Assuming Marigold Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, e.g. 5,125) Total cost of units completed Cost of units in ending WIP Inventory Account Titles and Explanation FG Inventory $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) WIP Inventory 171908 6309 Debit 171908 Credit 171908

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Marigold Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped up production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Marigold reported the following activity and cost information for its only production process dedicated to these coffee brewers. 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 Unitsin ending WIP Inventory Ending WIP Inventory degree of completion Total cost of units completed Cost of units in ending WIP Inventory $ Account Titles and Explanation Units $ FG Inventory 800 WIP Inventory 15,400 15,200 1,000 Plastic The conversion costs are added evenly throughout this manufacturing process. 100% $3,190 100% Mesh Conversion Costs $77,000 $7,920 171908 100% Assuming Marigold Corp, uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, eg. 15.25 and final answers to O decimal places, e.g. 5,125.) 6309 $288 0% Debit 70% Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) $2,650 171908 $112,050 30% Credit 171908
Transcribed Image Text:Marigold Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped up production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Marigold reported the following activity and cost information for its only production process dedicated to these coffee brewers. 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 Unitsin ending WIP Inventory Ending WIP Inventory degree of completion Total cost of units completed Cost of units in ending WIP Inventory $ Account Titles and Explanation Units $ FG Inventory 800 WIP Inventory 15,400 15,200 1,000 Plastic The conversion costs are added evenly throughout this manufacturing process. 100% $3,190 100% Mesh Conversion Costs $77,000 $7,920 171908 100% Assuming Marigold Corp, uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, eg. 15.25 and final answers to O decimal places, e.g. 5,125.) 6309 $288 0% Debit 70% Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) $2,650 171908 $112,050 30% Credit 171908
At approximately what stage of processing is the plastic material added to the units? At approximately what stage of processing is the mesh material added to the units? V At the end At the outset Near the halfway Assuming instead that Marigold Corp. uses the weighted-average method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,125.) Total cost of units completed Cost of units in ending WIP Inventory $ Account Titles and Explanation $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Debit Credit
Transcribed Image Text:At approximately what stage of processing is the plastic material added to the units? At approximately what stage of processing is the mesh material added to the units? V At the end At the outset Near the halfway Assuming instead that Marigold Corp. uses the weighted-average method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, eg. 15.25 and final answers to 0 decimal places, eg. 5,125.) Total cost of units completed Cost of units in ending WIP Inventory $ Account Titles and Explanation $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Debit Credit
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