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%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Please help me with all answers and do not give solution in image format thanku

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

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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