Windsor Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Windsor 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 500 Beginning WIP Inventory degree of completion ? 70% Costs in beginning WIP Inventory $36,300 $17,600 New units started 7,900 Costs added to WIP Inventory this period $308,100 $208,600 Units completed 7,400 Units in ending WIP Inventory 1,000 Ending WIP Inventory degree of completion ? 40% (a) 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 Windsor Industries uses the FIFO method of process costing. Total cost of units completed $ Cost of units in ending WIP Inventory $

Windsor Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Windsor 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 500 Beginning WIP Inventory degree of completion ? 70% Costs in beginning WIP Inventory $36,300 $17,600 New units started 7,900 Costs added to WIP Inventory this period $308,100 $208,600 Units completed 7,400 Units in ending WIP Inventory 1,000 Ending WIP Inventory degree of completion ? 40% (a) 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 Windsor Industries uses the FIFO method of process costing. Total cost of units completed $ Cost of units in ending WIP Inventory $

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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