Wildhorse Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Wildhorse first machines raw materials into key component parts. Next, the component parts are assembled. These two processing departments work together, coordinating the output from the machining process into the assembly process. All DM resources are added at the beginning of the machining process, while conversion costs are added evenly throughout the process. For May, the following information was available for the machining process. Units DM Conversion Costs Units in beginning WIP Inventory 700 Beginning WIP Inventory degree of completion 2 70% Costs in beginning WIP Inventory $36,500 $19,650 New units started 9,200 Costs added to WIP Inventory this period $349.600 $186,270 Units completed 9,000 Units in ending WIP Inventory 900 Ending WIP Inventory degree of completion ? 40% (b) Determine the total cost of units completed and the cost of units in ending WIP Inventory-Machining in May by completing Steps 1-5 of the template, assuming Wildhorse Industries uses the weighted-average method of process costing. Total cost of units completed $ Cost of units in ending WIP Inventory $ 品(Ctrl)、

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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Wildhorse Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Wildhorse first machines
raw materials into key component parts. Next, the component parts are assembled. These two processing departments work together,
coordinating the output from the machining process into the assembly process. All DM resources are added at the beginning of the
machining process, while conversion costs are added evenly throughout the process. For May, the following information was available
for the machining process.
Units
DM
Conversion Costs
Units in beginning WIP Inventory
700
Beginning WIP Inventory degree of completion
2
70%
Costs in beginning WIP Inventory
$36,500
$19,650
New units started
9,200
Costs added to WIP Inventory this period
$349.600
$186,270
Units completed
9,000
Units in ending WIP Inventory
900
Ending WIP Inventory degree of completion
?
40%
(b)
Determine the total cost of units completed and the cost of units in ending WIP Inventory-Machining in May by completing Steps
1-5 of the template, assuming Wildhorse Industries uses the weighted-average method of process costing.
Total cost of units completed
$
Cost of units in ending WIP Inventory
$
品(Ctrl)、
Transcribed Image Text:Wildhorse Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Wildhorse first machines raw materials into key component parts. Next, the component parts are assembled. These two processing departments work together, coordinating the output from the machining process into the assembly process. All DM resources are added at the beginning of the machining process, while conversion costs are added evenly throughout the process. For May, the following information was available for the machining process. Units DM Conversion Costs Units in beginning WIP Inventory 700 Beginning WIP Inventory degree of completion 2 70% Costs in beginning WIP Inventory $36,500 $19,650 New units started 9,200 Costs added to WIP Inventory this period $349.600 $186,270 Units completed 9,000 Units in ending WIP Inventory 900 Ending WIP Inventory degree of completion ? 40% (b) Determine the total cost of units completed and the cost of units in ending WIP Inventory-Machining in May by completing Steps 1-5 of the template, assuming Wildhorse Industries uses the weighted-average method of process costing. Total cost of units completed $ Cost of units in ending WIP Inventory $ 品(Ctrl)、
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