Cc. 201. (a)✓ Your answer is correct.Complete Steps 1-5 of the template for the canning department of Crane Paints this year using the FIFO method of processcosting, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.)..Total equivalent units ofwork doneCost per equivalent unitEquivalent 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.Total cost of units completedCost of units in ending WIP Inventory $1.2.1. Transfer of paint into the canning process in March.No. Account Titles and Explanation2. Completion of canning of 47,300 gallons of paint in March.WIP Inventory-CanningWIP Inventory - MixingTransferred-inFG Inventory$WIP Inventory-CanningeTextbook and MediaList of Accounts46600Save for Later8.9Record the journal entry for each of the following transactions. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debitentries before credit entries.)$57902210483DM45500Debit1.3$Conversion Cost46550Credit2.1Assistance UsedAssistance UsedAttempts: 2 of 3 used Submit Answer Crane Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand.Crane produces the paint in its mixing department and then transfers the paint to the canning department. The following informationis presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout theprocess. One unit is one gallon of paint.Units in beginning WIP InventoryBeginning WIP Inventory degree of completionCosts in beginning WIP InventoryNew units startedCosts added to WIP Inventory this periodUnits completedUnits in ending WIP InventoryEnding WIP Inventory degree of completionUnits1,80046,60047,3001,100Transferred-InDM100%$14,220 $1,980100%100%$414,740 $59,1500%Conversion Costs60%$1,660$97,75530%

Journal entry is an art of recording, classifying and summarising the business transaction into…

Answered: No. Account Titles and Explanation 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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Cc. 201.

(a)
✓ Your answer is correct.
Complete Steps 1-5 of the template for the canning department of Crane Paints this year using the FIFO method of process
costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.)
.
.
Total equivalent units of
work done
Cost per equivalent unit
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.
Total cost of units completed
Cost of units in ending WIP Inventory $
1.
2.
1. Transfer of paint into the canning process in March.
No. Account Titles and Explanation
2. Completion of canning of 47,300 gallons of paint in March.
WIP Inventory-Canning
WIP Inventory - Mixing
Transferred-in
FG Inventory
$
WIP Inventory-Canning
eTextbook and Media
List of Accounts
46600
Save for Later
8.9
Record the journal entry for each of the following transactions. (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 all debit
entries before credit entries.)
$
579022
10483
DM
45500
Debit
1.3
$
Conversion Cost
46550
Credit
2.1
Assistance Used
Assistance Used
Attempts: 2 of 3 used Submit Answer

Transcribed Image Text:Crane Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Crane 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 1,800 46,600 47,300 1,100 Transferred-In DM 100% $14,220 $1,980 100% 100% $414,740 $59,150 0% Conversion Costs 60% $1,660 $97,755 30%

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