Oriole 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, Oriole reported the following activity and cost information for its only production process dedicated to these coffee brewers. Units Plastic Mesh Conversion Costs Units in beginning WIP Inventory 800 Beginning WIP Inventory degree of completion 100% 100% 70% Costs in beginning WIP Inventory $3,070 $216 $2,447 New units started 14,700 Costs added to WIP Inventory this period $73,500 $6,120 $99.190 Units completed 14,400 Units in ending WIP Inventory 1,100 Ending WIP Inventory degree of completion 100% 0% 30% The conversion costs are added evenly throughout this manufacturing process. Assuming Oriole 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.) 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
Oriole 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, Oriole reported the following activity and cost information for its only production process dedicated to these coffee brewers. Units Plastic Mesh Conversion Costs Units in beginning WIP Inventory 800 Beginning WIP Inventory degree of completion 100% 100% 70% Costs in beginning WIP Inventory $3,070 $216 $2,447 New units started 14,700 Costs added to WIP Inventory this period $73,500 $6,120 $99.190 Units completed 14,400 Units in ending WIP Inventory 1,100 Ending WIP Inventory degree of completion 100% 0% 30% The conversion costs are added evenly throughout this manufacturing process. Assuming Oriole 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.) 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
am.100.
Transcribed Image Text:Oriole 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, Oriole reported the
following activity and cost information for its only production process dedicated to these coffee brewers.
Units
Plastic
Mesh
Conversion Costs
Units in beginning WIP Inventory
800
Beginning WIP Inventory degree of completion
100%
100%
70%
Costs in beginning WIP Inventory
$3,070
$216
$2,447
New units started
14,700
Costs added to WIP Inventory this period
$73,500
$6,120
$99.190
Units completed
14,400
Units in ending WIP Inventory
1,100
Ending WIP Inventory degree of completion
100%
0%
30%
The conversion costs are added evenly throughout this manufacturing process.
Assuming Oriole 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.)
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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