Tamarisk Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Tamarisk 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. 46,000 46.700 1,100 Transferred In 100% $13,540 DM 100% 100% $1.880 $395.600 $58.370 0% Conversion Costs 60% $1,720 $87,305 30%
Tamarisk Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Tamarisk 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. 46,000 46.700 1,100 Transferred In 100% $13,540 DM 100% 100% $1.880 $395.600 $58.370 0% Conversion Costs 60% $1,720 $87,305 30%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
hh.
Subject :- Accounting
Transcribed Image Text:Current Attempt in Progress
Tamarisk Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand
Tamarisk 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
46,000
46,700
1,100
Transferred In
100%
$13.540
DM
100%
100%
$1,880
$395.600 $58.370
0%
Conversion Costs
60%
$1,720
$87,305
30%
Transcribed Image Text:Complete Steps 1-5 of the template for the canning department of Tamarisk Paints this year using the FIFO method of process
costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, eg: 15.25)
.
.
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 equivalent units of
work done
Cost per equivalent unit
Total cost of units completed
Cost of units in ending WIP Inventory.
eTextbook and Media
List of Accounts
Transferred in
$
DM
Conversion Cost
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education