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%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![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
Mesh
100%
100%
$306
$68,850 $6,930
0%
Conversion Costs
70%
$2,329
$86,526
30%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F719da1cd-5b76-429b-824c-314b33501282%2Ff0168066-1a9d-4212-929c-c410ba8de01f%2F6muj3m_processed.png&w=3840&q=75)
Transcribed Image Text: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
Mesh
100%
100%
$306
$68,850 $6,930
0%
Conversion Costs
70%
$2,329
$86,526
30%
![Assuming instead that Wildhorse 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 O decimal places, e.g. 5,125.)
Total cost of units completed
$
Cost of units in ending WIP Inventory $
Account Titles and Explanation
LA
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 O for the amounts. List debit entry before credit entry.)
Debit
Credit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F719da1cd-5b76-429b-824c-314b33501282%2Ff0168066-1a9d-4212-929c-c410ba8de01f%2Fncczj25_processed.png&w=3840&q=75)
Transcribed Image Text:Assuming instead that Wildhorse 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 O decimal places, e.g. 5,125.)
Total cost of units completed
$
Cost of units in ending WIP Inventory $
Account Titles and Explanation
LA
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 O for the amounts. List debit entry before credit entry.)
Debit
Credit
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