Windsor 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, Windsor 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 700 14,700 14,500 900 Plastic 100% $3,472 $79,380 100% Mesh The conversion costs are added evenly throughout this manufacturing process. 100% $315 $6,210 0% Conversion Costs 70% $1,757 $94,248 30%

Windsor 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, Windsor 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 700 14,700 14,500 900 Plastic 100% $3,472 $79,380 100% Mesh The conversion costs are added evenly throughout this manufacturing process. 100% $315 $6,210 0% Conversion Costs 70% $1,757 $94,248 30%

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter27: Adjustments, Financial Statements, And Year-end Accounting For A Manufacturing business

Section: Chapter Questions

Problem 1MP: Reese Manufacturing Company manufactures and sells a limited line of products made to customer...

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Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 215 units @ $14.00 = $3,010 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 165 units @ $23.00 Jan. 20 Purchase 160 units @ $13.00 = 2,080 Jan. 25 Sales 190 units @ $23.00 Jan. 30 Purchase 330 units @ $12.50 = 4,125 Totals 705 units $9,215 355 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 350 units, where 330 are from the January 30 purchase, 5 are from the January 20 purchase, and 15 are from beginning inventory. Exercise 5-3 Perpetual: Inventory costing methods LO P1 Required: 1. Complete the table to determine the cost assigned to ending inventory and cost of goods sold using specific identification. 2. Determine the cost assigned to…
Click the Chart sheet tab. On the screen is a column chart showing ending inventory costs. During a deflationary period, which bar (A, B, or C) represents FIFO costing, which represents LIFO costing, and which represents weighted average? Explain your reasoning. On January 4 following year-end, Rio Enterprises received a shipment of 60 units of product costing 580 each. These units had been ordered by Del in December and had been shipped to him on December 27. They were shipped FOB shipping point. Revise the FIFOLIFO3 worksheet to include this shipment. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as FIFOLIFOT. Using the FIFOLIFO3 file, prepare a 3-D bar (stacked) chart showing the cost of goods sold and ending inventory under each of the four inventory cost flow assumptions. No Chart Data Table is needed. Use the values in the Calculations Section of the worksheet for your chart. Enter your name somewhere on the chart. Save the file again as FIFOLIFO3. Print the chart.
Reese Manufacturing Company manufactures and sells a limited line of products made to customer order. The company uses a perpetual inventory system and keeps its accounts on a calendar year basis. A 6-column spreadsheet is presented on page 1100. Additional information needed to prepare the income statement and schedule of cost of goods manufactured is as follows: REQUIRED 1. Prepare an income statement and schedule of cost of goods manufactured for the year ended December 31,20--. 2. Prepare a statement of retained earnings for the year ended December 31,20--. 3. Prepare a balance sheet as of December 31, 20--. 4. Prepare the adjusting, closing, and reversing entries.
Using the information in the previous exercises about Marleys Manufacturing, determine the operating income for department B, assuming department A sold department B 1,000 units during the month and department A reduces the selling price to the market price.
Prepare the Cost Statement for the year end February 2023 that shows the cost of goods manufactured and cost of sale using the the information provided
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Use the information below for a soda maker to answer the requirements. Current Year Prior Year Work in process at year-end. $ 81,000 $ 94,000 Cost of goods sold for the year. 1,967,000 1,800,000 1. Compute days’ sales in work in process inventory for the current year. Round to the nearest day. 2. Compute days’ sales in work in process inventory for the prior year. Round to the nearest day. 3. Did days’ sales in work in process inventory increase or decrease from the prior year?
Required information Use the following information for the Exercises below. [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. Activities Units Acquired at Cost 185 units @ $11.00 = $2,035 Date Units sold at Retail Jan. 1 Beginning inventory Jan. 10 Sales 145 units @ $20.00 Jan. 20 Purchase 100 units @ $10.00 = 1,000 Jan. 25 Sales 125 units @ $20.00 Jan. 30 Purchase 270 units @ $ 9.50 = 2,565 Totals 555 units $5,600 270 units The Company uses a perpetual inventory system. For specific identification, ending inventory consists of 285 units, where 270 are from the January 30 purchase, 5 are from the January 20 purchase, and 10 are from beginning inventory.
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REQUIRED Use the first-in-first-out (FIFO) method to complete the table provided below for the stated transactions. INFORMATION The following transactions of Max Enterprises took place during August 2022 in respect of a component used in production: Date 01 Opening inventory 07 15 24 27 30 Transactions Date Purchased from a supplier Issued to production Purchased from a supplier Returned to the supplier (see 24th) Issued to production Table to complete: Purchases Quantity Price Amount 180 units @ R10 per unit 900 units @ R11 per unit 630 units 540 units @ R12 per unit 100 units 600 units Issues and returns Quantity Price Amount Quantity Balance Price Amount