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Nash Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped up production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Nash reported the following activity and cost information for its only production process dedicated to these coffee brewers. 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 800 14,300 14,200 900 Plastic 100% $3,547 Mesh 100% 100% $71,500 $7,370 The conversion costs are added evenly throughout this manufacturing process. $298 0% Conversion Costs 70% $2,305 $93,197 30%

Nash Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped up production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Nash reported the following activity and cost information for its only production process dedicated to these coffee brewers. 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 800 14,300 14,200 900 Plastic 100% $3,547 Mesh 100% 100% $71,500 $7,370 The conversion costs are added evenly throughout this manufacturing process. $298 0% Conversion Costs 70% $2,305 $93,197 30%

FINANCIAL ACCOUNTING
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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Nash Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped up production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Nash reported the following activity and cost information for its only production process dedicated to these coffee brewers. 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) Total cost of units completed Units Cost of units in ending WIP Inventory 800 14,300 Account Titles and Explanation 14,200 900 Plastic 100% $3,547 $71,500 The conversion costs are added evenly throughout this manufacturing process. 100% Mesh 100% $7,370 $298 Debit 0% Conversion Costs 70% Assuming Nash Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,125.) $2,305 $93,197 30% Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Credit
Transcribed Image Text:Nash Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped up production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Nash reported the following activity and cost information for its only production process dedicated to these coffee brewers. 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) Total cost of units completed Units Cost of units in ending WIP Inventory 800 14,300 Account Titles and Explanation 14,200 900 Plastic 100% $3,547 $71,500 The conversion costs are added evenly throughout this manufacturing process. 100% Mesh 100% $7,370 $298 Debit 0% Conversion Costs 70% Assuming Nash Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,125.) $2,305 $93,197 30% Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Credit
(b) At approximately what stage of processing is the plastic material added to the units? At approximately what stage of processing is the mesh material added to the units? Assuming instead that Nash Corp. uses the weighted-average method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,125.) Total cost of units completed $ Cost of units in ending WIP Inventory $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit
Transcribed Image Text:(b) At approximately what stage of processing is the plastic material added to the units? At approximately what stage of processing is the mesh material added to the units? Assuming instead that Nash Corp. uses the weighted-average method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,125.) Total cost of units completed $ Cost of units in ending WIP Inventory $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Account Titles and Explanation Debit Credit
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