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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%

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%

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%
Complete Steps 1-5 of the template for the canning department of Wildhorse Paints this year using the FIFO method of process costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.) ● ● ● Equivalent units of production for all three cost categories: transferred-in, DM, and conversion costs. The cost per equivalent unit for all three cost categories: transferred-in, DM, and conversion costs. The total cost of units completed and the total cost of units in ending WIP Inventory. Total equivalent units of work done Cost per equivalent unit Total cost of units completed Transferred-in Cost of units in ending WIP Inventory tA $ 41800 || DM 40900 Conversion Cost
Transcribed Image Text:Complete Steps 1-5 of the template for the canning department of Wildhorse Paints this year using the FIFO method of process costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.) ● ● ● Equivalent units of production for all three cost categories: transferred-in, DM, and conversion costs. The cost per equivalent unit for all three cost categories: transferred-in, DM, and conversion costs. The total cost of units completed and the total cost of units in ending WIP Inventory. Total equivalent units of work done Cost per equivalent unit Total cost of units completed Transferred-in Cost of units in ending WIP Inventory tA $ 41800 || DM 40900 Conversion Cost
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