345 ChipChips Inc. manufactures organic snack crackers. Their production process occurs in two phases: The mixing department and the baking department. The weighted average costing method of process costing is being used. The following information is available for the baking department: 5 Current account balances as per GL (unadjusted - these may be incorrect): 6 7 Work in process, January 31 Units 42,000 $ Costs 76,450 8 (materials 100% complete, conversion 40% complete) 9 Finished goods, January 31 47,000 $ 120,420 10 11 12 Additional more detailed cost record information: 13 Units 14 17 Started into production 18 Costs added during the month 15 Work in process, opening balance, Jan 1 16 (materials 80% complete, conversion 50% complete) 19 Units completed during the month 20 21 There were no finished goods inventories on January 1. 22 23 Required: 21,000 $ Costs Materials Conversion 12,500 $ 42,000 120,500 $ 210,400 $ 52,060 86,000 S Current account balances as per GL (unadjusted these may be incorrect): 6 7 Work in process, January 31- Costs Units 42,000 $ 76,450 8 (materials 100% complete, conversion 40% complete) 9 Finished goods, January 31 47,000 $ 120,420 10 11 12 Additional more detailed cost record information: 13 14 15 Work in process, opening balance, Jan 1 Units Costs 21,000 S Materials Conversion 12,500 $ 42,000 16 (materials 80% complete, conversion 50% complete) 17 Started into production 18 Costs added during the month 120,500 $ 210,400 $ 52,060 19 Units completed during the month 86,000 20 21 There were no finished goods inventories on January 1. 22 23 Required: 24 A. Based on the additional detailed cost record information shown above, calculate the correct amount of cost that should be assigned 25 to the ending work in process and finished goods inventories 26 Note: Please round your cost per EUP to two places after the decimal point! 27 B. Compare the current Gl balances for WIP and FG inventories with the correct account balances that you calculated in part (A) above. 28 Post the necessary adjusting entry to correct the GL 29 20 5 ChipChips Inc. manufactures organic snack crackers. Their production process occurs in two phases: The mixing department and the baking department. The weighted average costing method of process costing is being used. The following information is available for the baking department: Current account balances as per GL (unadjusted - these may be incorrect): Work in process, January 31 Costs Units 42,000 $ 76,450 47,000 $120,420 3 (materials 100% complete, conversion 40% complete) Finished goods, January 31 0 1 2 Additional more detailed cost record information: 3 Units Costs 4 7 Started into production 8 Costs added during the month 5 Work in process, opening balance, Jan 1 6 (materials 80% complete, conversion 50% complete) 9 Units completed during the month 20 21 There were no finished goods inventories on January 1. 22 23 Required: 21,000 $ Materials Conversion 12,500 $ 42,000 120,500 $ 210,400 $ 52,060 86,000 SI8h 40% complete) Finished goods, January 31 47,000 $ 120,420 Additional more detailed cost record information: Work in process, opening balance, Jan 1 Units Costs 21,000 $ Materials Conversion 12,500 $ 42,000 (materials 80% complete, conversion 50% complete) Started into production 120,500 Costs added during the month $ 210,400 $ 52,060 Units completed during the month 86,000 There were no finished goods inventories on January 1. Required: A. Based on the additional detailed cost record information shown above, calculate the correct amount of cost that should be assigned to the ending work in process and finished goods inventories Note: Please round your cost per EUP to two places after the decimal point! B. Compare the current GL balances for WIP and FG inventories with the correct account balances that you calculated in part (A) above. 8 Post the necessary adjusting entry to correct the GL 9 0 11