Nader Paints makes an environmentally sound paint that goes through 3 process. The following data isavailable for Process 1 for the month of April:Beginning WIP inventory, AprilDirect materialsConversion costsUnits started in AprilUnits% Complete11,0006,000Costs incurred in April:Direct materialsConversion costsCosts75%$3,20070%$1,450Ending WIP inventory3,000Direct materials80%Conversion costs60%SpoilageDirect materialsConversion costs20070%35%Required:$16,000$15,800a. Prepare a production cost report for Process 1 using weighted-average costing.b. What journal entry would be made after preparing the production cost report for process 1?

Equivalent unitsEquivalent units of production are the amount of goods produced partially. This…

Nader Paints makes an environmentally sound paint that goes through 3 process. The following data is available for Process 1 for the month of April: Beginning WIP inventory, April Direct materials Conversion costs Units % Complete Costs 11,000 75% $3,200 70% $1,450 Units started in April 6,000 Costs incurred in April: Direct materials Conversion costs Ending WIP inventory 3,000 Direct materials 80% Conversion costs 60% Spoilage 200 Direct materials Conversion costs 70% 35% Required: $16,000 $15,800 a. Prepare a production cost report for Process 1 using weighted-average costing. b. What journal entry would be made after preparing the production cost report for process 1?

Nader Paints makes an environmentally sound paint that goes through 3 process. The following data is available for Process 1 for the month of April: Beginning WIP inventory, April Direct materials Conversion costs Units % Complete Costs 11,000 75% $3,200 70% $1,450 Units started in April 6,000 Costs incurred in April: Direct materials Conversion costs Ending WIP inventory 3,000 Direct materials 80% Conversion costs 60% Spoilage 200 Direct materials Conversion costs 70% 35% Required: $16,000 $15,800 a. Prepare a production cost report for Process 1 using weighted-average costing. b. What journal entry would be made after preparing the production cost report for process 1?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Accounts often need to be adjusted because Select one: a. Management can't decide what they want to report. b. Many transactions affect more than one time period. c. There are never enough accounts to record all the transactions. d. There are always errors made in recording transactions.
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