Wildhorse Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped upproduction of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Wildhorse reported thefollowing activity and cost information for its only production process dedicated to these coffee brewers.Units in beginning WIP InventoryBeginning WIP Inventory degree of completionCosts in beginning WIP InventoryNew units startedCosts added to WIP Inventory this periodUnits completedUnits in ending WIP InventoryEnding WIP Inventory degree of completionUnits80013,50013,400900Plastic100%$3,079Mesh100%100%$306$68,850 $6,9300%Conversion Costs70%$2,329$86,52630% Assuming instead that Wildhorse Corp. uses the weighted-average method of process costing, complete Steps 1 to 5 in thetemplate to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round costper equivalent unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,125.)Total cost of units completed$Cost of units in ending WIP Inventory $Account Titles and ExplanationLARecord 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 O for the amounts. List debit entry before credit entry.)DebitCredit

A production cost report is a thorough document that lists all of the expenses incurred during the…

Wildhorse 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, Wildhorse reported the following activity and cost information for its only production process dedicated to these coffee brewers. 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 800 13,500 13,400 900 Plastic 100% $3,079 $68,850 100% Mesh 100% $306 $6,930 0% Conversion Costs 70% $2,329 $86,526 30%

Wildhorse 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, Wildhorse reported the following activity and cost information for its only production process dedicated to these coffee brewers. 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 800 13,500 13,400 900 Plastic 100% $3,079 $68,850 100% Mesh 100% $306 $6,930 0% Conversion Costs 70% $2,329 $86,526 30%

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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