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Wildhorse Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Wildhorse 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 1,300 41,800 42,200 900 Transferred-In DM 100% $13,440 $2,020 100% 100% $401,280 $44,990 0% Conversion Costs 60% $1,720 $83,380 30%

Wildhorse Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Wildhorse 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 1,300 41,800 42,200 900 Transferred-In DM 100% $13,440 $2,020 100% 100% $401,280 $44,990 0% Conversion Costs 60% $1,720 $83,380 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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Wildhorse Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Wildhorse 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 1,300 41,800 42,200 900 Transferred-In 100% DM 100% $13,440 $2,020 100% $401,280 $44,990 0% Conversion Costs 60% $1,720 $83,380 30%
Transcribed Image Text:Wildhorse Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Wildhorse 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 1,300 41,800 42,200 900 Transferred-In 100% DM 100% $13,440 $2,020 100% $401,280 $44,990 0% Conversion Costs 60% $1,720 $83,380 30%
(d1) Your answer is incorrect. For the units completed in March, what was the final cost per gallon? (Round answer to 2 decimal places, e.g. 15.25.) The cost per gallon LA $
Transcribed Image Text:(d1) Your answer is incorrect. For the units completed in March, what was the final cost per gallon? (Round answer to 2 decimal places, e.g. 15.25.) The cost per gallon LA $
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