Nader Paints makes an environmentally sound paint that goes through 3 process. The following data isavailable for Process 1 for the month of April:Beginning WIP inventory, AprilDirect materialsConversion costsUnits started in AprilUnits% Complete11,0006,000Costs incurred in April:Direct materialsConversion costsCosts75%$3,20070%$1,450Ending WIP inventory3,000Direct materials80%Conversion costs60%SpoilageDirect materialsConversion costs20070%35%Required:$16,000$15,800a. Prepare a production cost report for Process 1 using weighted-average costing.b. What journal entry would be made after preparing the production cost report for process 1?

Equivalent unitsEquivalent units of production are the amount of goods produced partially. This…

Nader Paints makes an environmentally sound paint that goes through 3 process. The following data is available for Process 1 for the month of April: Beginning WIP inventory, April Direct materials Conversion costs Units % Complete Costs 11,000 75% $3,200 70% $1,450 Units started in April 6,000 Costs incurred in April: Direct materials Conversion costs Ending WIP inventory 3,000 Direct materials 80% Conversion costs 60% Spoilage 200 Direct materials Conversion costs 70% 35% Required: $16,000 $15,800 a. Prepare a production cost report for Process 1 using weighted-average costing. b. What journal entry would be made after preparing the production cost report for process 1?

Nader Paints makes an environmentally sound paint that goes through 3 process. The following data is available for Process 1 for the month of April: Beginning WIP inventory, April Direct materials Conversion costs Units % Complete Costs 11,000 75% $3,200 70% $1,450 Units started in April 6,000 Costs incurred in April: Direct materials Conversion costs Ending WIP inventory 3,000 Direct materials 80% Conversion costs 60% Spoilage 200 Direct materials Conversion costs 70% 35% Required: $16,000 $15,800 a. Prepare a production cost report for Process 1 using weighted-average costing. b. What journal entry would be made after preparing the production cost report for process 1?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5PB: Ardt-Barger has a beginning work in process inventory of 5.500 units and transferred in 25,000 units...

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