Coronado Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Coronado 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 400 Beginning WIP Inventory degree of completion ? 70% Costs in beginning WIP Inventory $32,000 $15,540 New units started 9,200 Costs added to WIP Inventory this period $294,400 $204,960 Units completed 8,300 Units in ending WIP Inventory 1,300 Ending WIP Inventory degree of completion ? 40% (a) Your answer is correct. 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 Coronado Industries uses the FIFO method of process costing. (b) Total cost of units completed 492820 Cost of units in ending WIP Inventory 54080 eTextbook and Media List of Accounts Attempts: 1 of 3 used 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 Coronado Industries uses the weighted-average method of process costing. Total cost of units completed Cost of units in ending WIP Inventory $
Coronado Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Coronado 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 400 Beginning WIP Inventory degree of completion ? 70% Costs in beginning WIP Inventory $32,000 $15,540 New units started 9,200 Costs added to WIP Inventory this period $294,400 $204,960 Units completed 8,300 Units in ending WIP Inventory 1,300 Ending WIP Inventory degree of completion ? 40% (a) Your answer is correct. 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 Coronado Industries uses the FIFO method of process costing. (b) Total cost of units completed 492820 Cost of units in ending WIP Inventory 54080 eTextbook and Media List of Accounts Attempts: 1 of 3 used 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 Coronado Industries uses the weighted-average method of process costing. Total cost of units completed Cost of units in ending WIP Inventory $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Solve b
Transcribed Image Text:Coronado Industries works hard to keep pace with demand for its modern chandelier. To get it out the door, Coronado 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
400
Beginning WIP Inventory degree of completion
?
70%
Costs in beginning WIP Inventory
$32,000
$15,540
New units started
9,200
Costs added to WIP Inventory this period
$294,400
$204,960
Units completed
8,300
Units in ending WIP Inventory
1,300
Ending WIP Inventory degree of completion
?
40%
(a)
Your answer is correct.
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 Coronado Industries uses the FIFO method of process costing.
(b)
Total cost of units completed
492820
Cost of units in ending WIP Inventory
54080
eTextbook and Media
List of Accounts
Attempts: 1 of 3 used
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 Coronado Industries uses the weighted-average method of process costing.
Total cost of units completed
Cost of units in ending WIP Inventory $
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education