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Blossom 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, Blossom reported the following activity and cost information for its only production process dedicated to these coffee brewers. Units Plastic Mesh Conversion Costs Units in beginning WIP Inventory 700 Beginning WIP Inventory degree of completion 100% 100% 70% Costs in beginning WIP Inventory $3,041 $315 $3,234 New units started 14,600 Costs added to WIP Inventory this period $73,000 $6,120 $93,126 Units completed 14,300 Units in ending WIP Inventory 1,000 Ending WIP Inventory degree of completion 100% 0% 30% The conversion costs are added evenly throughout this manufacturing process. (a) Assuming Blossom Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,125.) Total cost of units completed $ Cost of units in ending WIP Inventory $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit FG Inventory WIP Inventory Activat Go to Sett PIC COLLAGE

Blossom 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, Blossom reported the following activity and cost information for its only production process dedicated to these coffee brewers. Units Plastic Mesh Conversion Costs Units in beginning WIP Inventory 700 Beginning WIP Inventory degree of completion 100% 100% 70% Costs in beginning WIP Inventory $3,041 $315 $3,234 New units started 14,600 Costs added to WIP Inventory this period $73,000 $6,120 $93,126 Units completed 14,300 Units in ending WIP Inventory 1,000 Ending WIP Inventory degree of completion 100% 0% 30% The conversion costs are added evenly throughout this manufacturing process. (a) Assuming Blossom Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,125.) Total cost of units completed $ Cost of units in ending WIP Inventory $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit FG Inventory WIP Inventory Activat Go to Sett PIC COLLAGE

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter20: Inventory Management: Economic Order Quantity, Jit, And The Theory Of Constraints
Section: Chapter Questions
Problem 7E: Ottis, Inc., uses 640,000 plastic housing units each year in its production of paper shredders. The...
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Blossom 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, Blossom reported the following activity and cost information for its only production process dedicated to these coffee brewers. Units Plastic Mesh Conversion Costs Units in beginning WIP Inventory 700 Beginning WIP Inventory degree of completion 100% 100% 70% Costs in beginning WIP Inventory $3,041 $315 $3,234 New units started 14,600 Costs added to WIP Inventory this period $73,000 $6,120 $93,126 Units completed 14,300 Units in ending WIP Inventory 1,000 Ending WIP Inventory degree of completion 100% 0% 30% The conversion costs are added evenly throughout this manufacturing process. (a) Assuming Blossom Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,125.) Total cost of units completed $ Cost of units in ending WIP Inventory $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit FG Inventory WIP Inventory Activat Go to Sett PIC COLLAGE
Transcribed Image Text:Blossom 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, Blossom reported the following activity and cost information for its only production process dedicated to these coffee brewers. Units Plastic Mesh Conversion Costs Units in beginning WIP Inventory 700 Beginning WIP Inventory degree of completion 100% 100% 70% Costs in beginning WIP Inventory $3,041 $315 $3,234 New units started 14,600 Costs added to WIP Inventory this period $73,000 $6,120 $93,126 Units completed 14,300 Units in ending WIP Inventory 1,000 Ending WIP Inventory degree of completion 100% 0% 30% The conversion costs are added evenly throughout this manufacturing process. (a) Assuming Blossom Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, e.g. 15.25 and final answers to O decimal places, e.g. 5,125.) Total cost of units completed $ Cost of units in ending WIP Inventory $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit FG Inventory WIP Inventory Activat Go to Sett PIC COLLAGE
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