Blossom Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Blossom 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 Transferred-In DM Conversion Costs Units in beginning WIP Inventory 1,800 Beginning WIP Inventory degree of completion 100% 100% 60% Costs in beginning WIP Inventory $11,980 $1,940 $1,800 New units started 47,300 Costs added to WIP Inventory this period $383,130 $55,680 $104,258 Units completed 48,200 Units in ending WIP Inventory 900 Ending WIP Inventory degree of completion 100% 0% 30% Complete Steps 1-5 of the template for the canning department of Blossom Paints this year using the FIFO method of process costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, e.g. 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. Transferred-in Total equivalent units of work done I Cost per equivalent unit $ $ Total cost of units completed $ Cost of units in ending WIP Inventory $ DM Conversion Cost $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Transcribed Image Text:(a) Blossom Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Blossom 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 Transferred-In DM Conversion Costs Units in beginning WIP Inventory 1,800 Beginning WIP Inventory degree of completion 100% 100% 60% Costs in beginning WIP Inventory $11,980 $1,940 $1,800 New units started 47,300 Costs added to WIP Inventory this period $383,130 $55,680 $104,258 Units completed 48,200 Units in ending WIP Inventory 900 Ending WIP Inventory degree of completion 100% 0% 30% Complete Steps 1-5 of the template for the canning department of Blossom Paints this year using the FIFO method of process costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, e.g. 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. Total equivalent units of Transferred-in work done I Cost per equivalent unit $ $ Total cost of units completed $ Cost of units in ending WIP Inventory $ DM Conversion Cost $

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