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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%

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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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, e.g. 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 Transferred-in DM 4 Conversion Cost
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, e.g. 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 Transferred-in DM 4 Conversion Cost
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: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%
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