Splish is a producer of perfume, sourcing materials from all over the world as it creates beautiful scents. In November, Splish was producing perfume that would be bottled into 1.2 ounce sizes. The manufacturing department reports the following information related to production of liquid perfume this month. Step 2: Determine physical status of units and convert into equivalent units Physical Units Equivalent Units DM Conversion Costs % Added Equiv. Units % Added Equiv. Units Units completed this period 380 100% 380 100% 380 Units in ending WIP Inventory 40 100% 40 40% 16 Total units accounted for 420 Total equivalent units of work done 420 396 Step 3: Account for costs Total Costs DM Conversion Costs Costs in beginning WIP Inventory (from last period) $2,065 $1,400 $665 Costs added to WIP Inventory this period 10,247 6,160 4,087 Total costs to account for $12,312 $7,560 $4,752 Splish uses the weighted-average method of process costing. Your answer is incorrect. Assign costs to the company’s units completed and to the units in ending WIP Inventory for August by completing Step 5 of the template. Total cost of units completed and removed from WIP Inventory $enter a dollar amount Cost of units in ending WIP Inventory $enter a dollar amount What is Splish’s total cost of units completed? Total cost of units completed $enter the total cost of units completed in dollars How many total units did the company complete this period? Total number of units completed enter the total number of units completed What was its actual cost per unit for those units completed? (Round answer to 2 decimal places, e.g. 15.25.) Actual unit cost for units completed $enter the actual unit cost for units completed in dollars rounded to 2 decimal places What is the total cost per equivalent unit? (Round answer to 2 decimal places, e.g. 15.25.) Total cost per equivalent unit this period $enter the total cost per equivalent unit this period in dollars rounded to 2 decimal places Is the actual cost per unit the same as the total cost per equivalent unit?

Splish is a producer of perfume, sourcing materials from all over the world as it creates beautiful scents. In November, Splish was producing perfume that would be bottled into 1.2 ounce sizes. The manufacturing department reports the following information related to production of liquid perfume this month. Step 2: Determine physical status of units and convert into equivalent units Physical Units Equivalent Units DM Conversion Costs % Added Equiv. Units % Added Equiv. Units Units completed this period 380 100% 380 100% 380 Units in ending WIP Inventory 40 100% 40 40% 16 Total units accounted for 420 Total equivalent units of work done 420 396 Step 3: Account for costs Total Costs DM Conversion Costs Costs in beginning WIP Inventory (from last period) $2,065 $1,400 $665 Costs added to WIP Inventory this period 10,247 6,160 4,087 Total costs to account for $12,312 $7,560 $4,752 Splish uses the weighted-average method of process costing. Your answer is incorrect. Assign costs to the company’s units completed and to the units in ending WIP Inventory for August by completing Step 5 of the template. Total cost of units completed and removed from WIP Inventory $enter a dollar amount Cost of units in ending WIP Inventory $enter a dollar amount What is Splish’s total cost of units completed? Total cost of units completed $enter the total cost of units completed in dollars How many total units did the company complete this period? Total number of units completed enter the total number of units completed What was its actual cost per unit for those units completed? (Round answer to 2 decimal places, e.g. 15.25.) Actual unit cost for units completed $enter the actual unit cost for units completed in dollars rounded to 2 decimal places What is the total cost per equivalent unit? (Round answer to 2 decimal places, e.g. 15.25.) Total cost per equivalent unit this period $enter the total cost per equivalent unit this period in dollars rounded to 2 decimal places Is the actual cost per unit the same as the total cost per equivalent unit?

Name: Splish is a producer of perfume, sourcing materials from all over the
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Splish is a producer of perfume, sourcing materials from all over the world as it creates beautiful scents. In November, Splish was producing perfume that would be bottled into 1.2 ounce sizes. The manufacturing department reports the following infor

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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Step 2: Determine physical status of units and convert into equivalent units
	Physical Units		Equivalent Units
		DM		Conversion Costs
		% Added		Equiv. Units		% Added		Equiv. Units
Units completed this period	380		100%		380		100%		380
Units in ending WIP Inventory	40		100%		40		40%		16
Total units accounted for	420
Total equivalent units of work done					420				396

Step 3: Account for costs
	Total Costs	DM	Conversion Costs
Costs in beginning WIP Inventory (from last period)	$2,065	$1,400	$665
Costs added to WIP Inventory this period	10,247	6,160	4,087
Total costs to account for	$12,312	$7,560	$4,752

Splish uses the weighted-average method of process costing.

Your answer is incorrect.

Assign costs to the company’s units completed and to the units in ending WIP Inventory for August by completing Step 5 of the template.

Total cost of units completed and removed from WIP Inventory		$enter a dollar amount
Cost of units in ending WIP Inventory		$enter a dollar amount

What is Splish’s total cost of units completed?

Total cost of units completed

$enter the total cost of units completed in dollars

How many total units did the company complete this period?

Total number of units completed

enter the total number of units completed

What was its actual cost per unit for those units completed? (Round answer to 2 decimal places, e.g. 15.25.)

Actual unit cost for units completed

$enter the actual unit cost for units completed in dollars rounded to 2 decimal places

What is the total cost per equivalent unit? (Round answer to 2 decimal places, e.g. 15.25.)

Total cost per equivalent unit this period

$enter the total cost per equivalent unit this period in dollars rounded to 2 decimal places

Is the actual cost per unit the same as the total cost per equivalent unit?

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Part C:

Recognizing that Splish’s products must still move through the bottling department before being ready for sale, record the journal entry to recognize the completion and removal of units from the manufacturing department. (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 0 for the amounts. List debit entry before credit entry.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

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