Waterway Enterprises is aptly named because of its signature item-chewing gum! The owners started the business years ago when no existing gum had the right flavor and texture combination. After years of perfecting the process, they had a finely tuned operation. This year, Waterway's main processing department reported the following activity and costs. 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 400 23,200 22,500 1,100 DM 100% $240 $6,960 100% Conversion Costs 30% $425 $4,608 60% All DM resources are added to Waterway's processing department at the beginning of processing. Conversion costs are added evenly hroughout the process.

Waterway Enterprises is aptly named because of its signature item-chewing gum! The owners started the business years ago when no existing gum had the right flavor and texture combination. After years of perfecting the process, they had a finely tuned operation. This year, Waterway's main processing department reported the following activity and costs. 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 400 23,200 22,500 1,100 DM 100% $240 $6,960 100% Conversion Costs 30% $425 $4,608 60% All DM resources are added to Waterway's processing department at the beginning of processing. Conversion costs are added evenly hroughout the process.

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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