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Novak Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the compan production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Novak repas 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 Units 800 15,300 Plastic 100% $3,277 Mesh 100% $250 Conversion Costs 70% $2.723

Novak Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the compan production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Novak repas 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 Units 800 15,300 Plastic 100% $3,277 Mesh 100% $250 Conversion Costs 70% $2.723

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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Novak 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, Novak 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 i Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion Units 800 15,300 15,000 1,100 Plastic 100% $3.277 $71.910 100% Mesh The conversion costs are added evenly throughout this manufacturing process. 100% $250 $7,100 0% Conversion Costs 4 70% $2,723 112,252 30%
Transcribed Image Text:Novak 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, Novak 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 i Costs added to WIP Inventory this period Units completed Units in ending WIP Inventory Ending WIP Inventory degree of completion Units 800 15,300 15,000 1,100 Plastic 100% $3.277 $71.910 100% Mesh The conversion costs are added evenly throughout this manufacturing process. 100% $250 $7,100 0% Conversion Costs 4 70% $2,723 112,252 30%
Assuming Novak 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 0 decimal places, e.g. 5,125.) Total cost of units completed Cost of units in ending WIP Inventory Account Titles and Explanation 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.) FG Inventory 192050 WIP Inventory 14080 Debit 192050 Do Credit 14080
Transcribed Image Text:Assuming Novak 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 0 decimal places, e.g. 5,125.) Total cost of units completed Cost of units in ending WIP Inventory Account Titles and Explanation 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.) FG Inventory 192050 WIP Inventory 14080 Debit 192050 Do Credit 14080
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