Swifty Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior bran Swifty produces the paint in its mixing department and then transfers the paint to the canning department. The following inform is presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout th process. One unit is one gallon of paint. ● 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 Total equivalent units of work done Cost per equivalent unit Total cost of units completed $ Units $ 1,700 46,000 Cost of units in ending WIP Inventory $ 46,500 Transferred-in 1,200 Transferred-In 100% $12,020 $446,200 $ 100% DM Complete Steps 1-5 of the template for the canning department of Swifty Paints this year using the FIFO method of process costing, clearly labeling the following. (Round cost per equivalent tant answers to 2 decimal places, eg 15.25.) 100% Equivalent units of production for all three cost categories: transferred-in, DM, and conversion costs. The cost per equivalent unit for all three cost categories: transferred-in, DM, and conversion costs. The total cost of units completed and the total cost of units in ending WIP Inventory. DM $1,960 $53,760 0% Conversion Costs $1,720 $ 60% $91,680 30% Conversion Cost

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 2CE: Sterling Corporation has an EOQ of 5,000 units. The company uses an average of 500 units per day. An...

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Transcribed Image Text:Swifty Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Swifty produces the paint in its mixing department and then transfers the paint to the canning department. The following informa is presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout the process. One unit is one gallon of paigt. ● 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 Total equivalent units of work done Cost per equivalent unit Total cost of units completed $ Cost of units in ending WIP Inventory Units $ 1,700 46,000 $ 46,500 Transferred-in 1,200 Transferred-In 100% $12,020 $ $446,200 100% Complete Steps 1-5 of the template for the canning department of Swifty Paints this year using the FIFO method of process costing, clearly labeling the following. (Round cost per equivalent tant atwers to 2 decimal places, eg 15.25.) Equivalent units of production for all three cost categories: transferred-in, DM, and conversion costs. The cost per equivalent unit for all three cost categories: transferred-in, DM, and conversion costs. The total cost of units completed and the total cost of units in ending WIP Inventory. DM 100% $1,960 DM $53,760 0% Conversion Costs $1,720 $ 60% $91,680 30% Conversion Cost

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