Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Amount $ 12,000 Direct materials Conversion costs $ 310,200 396,800 Total costs added $ 707,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40,000 units in work-in-process inventory. The units were 20 percent complete with respect to conversion costs. The Refining Department uses the weighted-average method of process costing. The Mixing Department at the Grant Street Plant uses the FIFO method of process costing. If the Mixing Department at the plant had used the weighted-average method, the amount of costs transferred in from Mixing would have been $166,800 for the amount transferred in this month. Cost per equivalent unit: Prior department costs Materials Conversion Costs accounted for: Costs assigned to units transferred out: Prior department costs Materials Conversion Total costs of units transferred out Costs assigned to ending WIP inventory: Prior department costs Materials Conversion Total ending WIP inventory Total costs accounted for GA GA 0 0 0 $ CA 0 GA O $ 0
Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Amount $ 12,000 Direct materials Conversion costs $ 310,200 396,800 Total costs added $ 707,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40,000 units in work-in-process inventory. The units were 20 percent complete with respect to conversion costs. The Refining Department uses the weighted-average method of process costing. The Mixing Department at the Grant Street Plant uses the FIFO method of process costing. If the Mixing Department at the plant had used the weighted-average method, the amount of costs transferred in from Mixing would have been $166,800 for the amount transferred in this month. Cost per equivalent unit: Prior department costs Materials Conversion Costs accounted for: Costs assigned to units transferred out: Prior department costs Materials Conversion Total costs of units transferred out Costs assigned to ending WIP inventory: Prior department costs Materials Conversion Total ending WIP inventory Total costs accounted for GA GA 0 0 0 $ CA 0 GA O $ 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three
departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent
complete with respect to conversion. Information for operations in September in the Refining process appear as follows.
Work in process on September 1 consisted of 25,000 units with the following costs:
Degree of
Completion
100%
Mixing costs transferred in
Costs added in Refining
Direct materials
Conversion costs
Work in process September 1
Amount
$ 12,000
Direct materials
Conversion costs
$ 310,200
396,800
Total costs added $ 707,000
$ 27,800
29,320
$ 57,120
$ 69,120
100%
80%
During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in
September.
Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40,000 units in
work-in-process inventory. The units were 20 percent complete with respect to conversion costs.
The Refining Department uses the weighted-average method of process costing. The Mixing Department at the Grant Street Plant
uses the FIFO method of process costing. If the Mixing Department at the plant had used the weighted-average method, the amount
of costs transferred in from Mixing would have been $166,800 for the amount transferred in this month.
Transcribed Image Text:Cost per equivalent unit:
Prior department costs
Materials
Conversion
Costs accounted for:
Costs assigned to units transferred out:
Prior department costs
Materials
Conversion
Total costs of units transferred out
Costs assigned to ending WIP inventory:
Prior department costs
Materials
Conversion
Total ending WIP inventory
Total costs accounted for
GA
GA
0
0
0
$
CA
0
GA
O
$
0
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