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any help please. thank you Complele Steps 1-5, with transferred-in costs, plus additional considerations, using FIFO. P11.3 (LO 1, 2, 3, 4, 5, 6), AP
any help please. thank you
Complele Steps 1-5, with transferred-in costs, plus additional considerations, using FIFO. P11.3 (LO 1, 2, 3, 4, 5, 6), AP Halvin Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Halvin produces the paint in its mixing department and then transfers the paint to the canning department. The following information 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 paint. Required a. Complete Steps 1-5 of the template for the canning department of Halvin Paints this year using the FIFO method of process costing, clearly labeling the following. - 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. b. Record the journal entry for each of the following transactions. 1. Transfer of paint into the canning process in March. 2. Completion of canning of 44,500 gallons of paint in March. c. Present Halvin's WIP Inventory Canning T-account for the period, showing all debits and credits that would have existed or would have been recorded in the account in March, and determine its ending balance. d. For the units completed in March, what was the final cost per gallon? What costs does this include? Complele Stebs 1-5, with transferred-in costs, plus additional considerations, using weighted-average frelated to P11.31 Step by Step Solution
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