Sheridan 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, Sheridan 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 $3,064 $253 $2,311 New units started 14,800 Costs added to WIP Inventory this period $74,000 $6,950 $97,988 Units completed 14,700 Units in ending WIP Inventory 900 Ending WIP Inventory degree of completion 100% 0% 30% The conversion costs are added evenly throughout this manufacturing process. Assuming Sheridan 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 $enter a dollar amount rounded to 0 decimal places Cost of units in ending WIP Inventory $enter a dollar amount rounded to 0 decimal places 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 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 Assuming instead that Sheridan 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 $enter a dollar amount rounded to 0 decimal places Cost of units in ending WIP Inventory $enter a dollar amount rounded to 0 decimal places 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 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

Sheridan 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, Sheridan 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 $3,064 $253 $2,311 New units started 14,800 Costs added to WIP Inventory this period $74,000 $6,950 $97,988 Units completed 14,700 Units in ending WIP Inventory 900 Ending WIP Inventory degree of completion 100% 0% 30% The conversion costs are added evenly throughout this manufacturing process. Assuming Sheridan 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 $enter a dollar amount rounded to 0 decimal places Cost of units in ending WIP Inventory $enter a dollar amount rounded to 0 decimal places 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 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 Assuming instead that Sheridan 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 $enter a dollar amount rounded to 0 decimal places Cost of units in ending WIP Inventory $enter a dollar amount rounded to 0 decimal places 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 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

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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Question

	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		$3,064	$253	$2,311
New units started	14,800
Costs added to WIP Inventory this period		$74,000	$6,950	$97,988
Units completed	14,700
Units in ending WIP Inventory	900
Ending WIP Inventory degree of completion		100%	0%	30%

The conversion costs are added evenly throughout this manufacturing process.

Assuming Sheridan 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		$enter a dollar amount rounded to 0 decimal places
Cost of units in ending WIP Inventory		$enter a dollar amount rounded to 0 decimal places

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 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

Assuming instead that Sheridan 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		$enter a dollar amount rounded to 0 decimal places
Cost of units in ending WIP Inventory		$enter a dollar amount rounded to 0 decimal places

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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