Assuming Vaughn 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, e.g. 15.25 and final answers to O decimal places, e.g. 5,125.) Total cost of units completed $ Cost of units in ending WIP 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.) Account Titles and Explanation FG Inventory Debit Credit WIP Inventory Assuming instead that Vaughn 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, e.g. 15.25 and final answers to O decimal places, e.g. 5,125.) Total cost of units completed $ Cost of units in ending WIP 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.) Account Titles and Explanation Debit Credit

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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Question

Kenneth 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, Kenneth reported the following activity and cost information for its only production process dedicated to these coffee brewers.

	UNITS	PLASTIC	MESH	CONVERSION COSTS
Units in beginning WIP Inventory	800
Beginning WIP Inventory degree of completion		100%	100%	70%
Costs in beginning WIP Inventory		$ 3,205	$ 268	$ 2,343
New units started	$ 13,500
Costs added to WIP Inventory this period		$ 66,150	$ 6,200	$ 85,602
Units completed	$ 13,200
Units in ending WIP Inventory	$ 1,100
Ending WIP Inventory degree of completion		100%	0%	30%