in beginning WIP Inventory during April in ending WIP Inventory WIP Inventory bril 36,000 242,000 23,500 $183,510 98,526 78,273 $1,136,025 451,450 723,195 ending WIP inventories had the following percentages of completion
in beginning WIP Inventory during April in ending WIP Inventory WIP Inventory bril 36,000 242,000 23,500 $183,510 98,526 78,273 $1,136,025 451,450 723,195 ending WIP inventories had the following percentages of completion
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Determine the following by using the First-In First-Out (FIFO) method of
1. Equivalent units of production for materials and conversion cost
2. unit costs, and;
3. Inventory values
![Problem no. 2
Fresh Seasons is a contract manufacturer for Delectable Dressing Company. Fresh Seasons uses
a weighted average process costing system to account for its salad dressing production. All
ingredients are added at the start of the process. Delectable provides reusable vats to Fresh
Seasons for the completed product to be shipped to Delectable for bottling, so Fresh Seasons
incurs no packaging costs. April 2010 production and cost information for Fresh Seasons is as
follows:
Gallons of dressing in beginning WIP Inventory
Gallons completed during April
Gallons of dressing in ending WIP Inventory
Costs of beginning WIP Inventory
Direct material
Direct labor
Overhead
Costs incurred in April
Direct material
Direct labor
Overhead
for labor and overhead:
$1,136,025
451,450
723,195
April beginning and ending WIP inventories had the following percentages of completion
Direct labor
Overhead
April 1
55%
70%
36,000
242,000
23,500
April 30
15%
10%
$183,510
98,526
78,273](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fae5a81bc-0af3-4c6d-8908-5cdd19c1fcc7%2F9c728026-c1dd-4c02-940e-f128241a04fd%2Ft7p13th_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Problem no. 2
Fresh Seasons is a contract manufacturer for Delectable Dressing Company. Fresh Seasons uses
a weighted average process costing system to account for its salad dressing production. All
ingredients are added at the start of the process. Delectable provides reusable vats to Fresh
Seasons for the completed product to be shipped to Delectable for bottling, so Fresh Seasons
incurs no packaging costs. April 2010 production and cost information for Fresh Seasons is as
follows:
Gallons of dressing in beginning WIP Inventory
Gallons completed during April
Gallons of dressing in ending WIP Inventory
Costs of beginning WIP Inventory
Direct material
Direct labor
Overhead
Costs incurred in April
Direct material
Direct labor
Overhead
for labor and overhead:
$1,136,025
451,450
723,195
April beginning and ending WIP inventories had the following percentages of completion
Direct labor
Overhead
April 1
55%
70%
36,000
242,000
23,500
April 30
15%
10%
$183,510
98,526
78,273
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 1 images
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![FINANCIAL ACCOUNTING](https://compass-isbn-assets.s3.amazonaws.com/isbn_cover_images/9781259964947/9781259964947_smallCoverImage.jpg)
![Accounting](https://www.bartleby.com/isbn_cover_images/9781337272094/9781337272094_smallCoverImage.gif)
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
![Accounting Information Systems](https://www.bartleby.com/isbn_cover_images/9781337619202/9781337619202_smallCoverImage.gif)
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
![Horngren's Cost Accounting: A Managerial Emphasis…](https://www.bartleby.com/isbn_cover_images/9780134475585/9780134475585_smallCoverImage.gif)
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
![Intermediate Accounting](https://www.bartleby.com/isbn_cover_images/9781259722660/9781259722660_smallCoverImage.gif)
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
![Financial and Managerial Accounting](https://www.bartleby.com/isbn_cover_images/9781259726705/9781259726705_smallCoverImage.gif)
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education