Current Attempt in Progress Concord Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Concord 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 1,500 41,100 41,800 800 Transferred-In 100% $11,960 DM 100% 100% $1.840 $365,790 $52.390 0% Conversion Costs 60% $1,780 $82,280 30%
Current Attempt in Progress Concord Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Concord 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 1,500 41,100 41,800 800 Transferred-In 100% $11,960 DM 100% 100% $1.840 $365,790 $52.390 0% Conversion Costs 60% $1,780 $82,280 30%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Current Attempt in Progress
Concord Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand.
Concord 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
1,500
41,100
41,800
800
Transferred-In
100%
$11.960
$365.790
100%
DM
100%
$1,840
$52,390
0%
Conversion Costs
60%
$1,780
$82,280
30%
Transcribed Image Text:(a)
Complete Steps 1-5 of the template for the canning department of Concord 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
work done
Cost per equivalent unit
Total cost of units completed
VA
Transferred-in
LA
tA
Cost of units in ending WIP Inventory $
VA
DM
$
Conversion Cost
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