Marigold Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Marigold 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 1,700 47,500 48,200 1,000 Transferred-In 100% $12,020 DM 100% 100% $2,020 $408,500 $55,800 096 Conversion Costs 60% $1,880 $99,708 30%
Marigold Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Marigold 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 1,700 47,500 48,200 1,000 Transferred-In 100% $12,020 DM 100% 100% $2,020 $408,500 $55,800 096 Conversion Costs 60% $1,880 $99,708 30%
Chapter5: Process Costing
Section: Chapter Questions
Problem 14PA: Loanstar had 100 units in beginning inventory before starting 950 units and completing 800 units....
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![Marigold Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand.
Marigold 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
(a)
Your Answer Correct Answer
.
.
Total equivalent
units of work done
Cost per aquivalent
Unit
S
Units
Teep cost of units complete
1,700
Transferred-in
47,500
48,200
1,000
Transferred-In
100%
100%
$12,020 $2,020
DM
$408,500 $55,800
100%
Complete Steps 1-5 of the template for the canning department of Marigold Paints this year using the FIFO method of process
costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, ca. 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
096
DM
Conversion Costs
60%
$1,980
$99,708
30%
%
Conversion Cost](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2d5d8571-a566-48dd-93ba-2ac5e7bc1950%2Fe934569b-5408-45e4-a562-de926838135f%2Fmcsfm16_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Marigold Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand.
Marigold 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
(a)
Your Answer Correct Answer
.
.
Total equivalent
units of work done
Cost per aquivalent
Unit
S
Units
Teep cost of units complete
1,700
Transferred-in
47,500
48,200
1,000
Transferred-In
100%
100%
$12,020 $2,020
DM
$408,500 $55,800
100%
Complete Steps 1-5 of the template for the canning department of Marigold Paints this year using the FIFO method of process
costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, ca. 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
096
DM
Conversion Costs
60%
$1,980
$99,708
30%
%
Conversion Cost
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