Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Assuming Metlock Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed Assuming Metlock Corp. uses the FIFO method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,125.) Total cost of units completed $ Cost of units in ending WIP Inventory $ Account Titles and Explanation Debit Credit List of Accounts Assistance Used Cash DM Inventory FG Inventory MOH Control No Entry RM Inventory Salaries and Wages Payable Assuming instead that Metlock Corp. uses the weighted-average method of process costing, complete Steps 1 to 5 in the template to determine the cost of units completed in April as well as the cost of units in ending WIP Inventory in April. (Round cost per equivalent unit to 2 decimal places, e.g. 15.25 and final answers to 0 decimal places, e.g. 5,125.) Total cost of units completed $ Cost of units in ending WIP Inventory $ Record the journal entry to recognize the cost of units completed and transferred out of the manufacturing process this month. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. List debit entry before credit entry.) WIP Inventory WIP Inventory - Assembly WIP Inventory - Bottling WIP Inventory - Canning WIP Inventory - Machining WIP Inventory - Manufacturing WIP Inventory - Melting WIP Inventory - Mixing WIP Inventory - Molding Metlock Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped up production of its iced coffee brewer, anticipating increasing demand in the market. For the month of April, Metlock reported the following activity and cost information for its only production process dedicated to these coffee brewers. The conversion costs are added evenly throughout this manufacturing process

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit Findings Of RAC MAC HAC And PSI Review Process

Authors: Mrs. Jyoti Sharma

1st Edition

1511689609, 978-1511689601

More Books

Students also viewed these Accounting questions

Question

Identify at least three reasons to use a trust.

Answered: 1 week ago