Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress Skysong Corp. manufactures kitchen appliances and gadgets, like coffee makers and can openers. Recently, the company ramped up production of its

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Current Attempt in Progress Skysong 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, Skysong reported the following activity and cost information for its only production process dedicated to these coffee brewers. Assuming Skysong 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 $ 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 Account Titles and Explanation Attempts: 0 of 2 used At approximately what stage of processing is the plastic material added to the units? At approximately what stage of processing is the mesh material added to the units? Assuming instead that Skysong 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.) Current Attempt in Progress Skysong 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, Skysong reported the following activity and cost information for its only production process dedicated to these coffee brewers. Question 13 of 13 14 V Question 13 of 13 14 Costs added to WIP Inventory this period $68,120$5,445$81,965 Units completed 12,800 Units in ending WIP Inventory 1,000 Ending WIP Inventory degree of completion 100%0% 30% estion 13 of 13 14 Costs added to WIP Inventory this period $68,120$5,445$81,965 Units completed 12,800 Units in ending WIP Inventory 1,000 Ending WIP Inventory degree of completion 100%0% 30% (a) Assuming Skysong 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. 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.) At approximately what stage of processing is the plastic material added to the units? At approximately what stage of processing is the mesh material added to the units? Assuming instead that Skysong 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.) 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.) Current Attempt in Progress Skysong 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, Skysong reported the following activity and cost information for its only production process dedicated to these coffee brewers. Assuming Skysong 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 $ 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 Account Titles and Explanation Attempts: 0 of 2 used At approximately what stage of processing is the plastic material added to the units? At approximately what stage of processing is the mesh material added to the units? Assuming instead that Skysong 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.) Current Attempt in Progress Skysong 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, Skysong reported the following activity and cost information for its only production process dedicated to these coffee brewers. Question 13 of 13 14 V Question 13 of 13 14 Costs added to WIP Inventory this period $68,120$5,445$81,965 Units completed 12,800 Units in ending WIP Inventory 1,000 Ending WIP Inventory degree of completion 100%0% 30% estion 13 of 13 14 Costs added to WIP Inventory this period $68,120$5,445$81,965 Units completed 12,800 Units in ending WIP Inventory 1,000 Ending WIP Inventory degree of completion 100%0% 30% (a) Assuming Skysong 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. 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.) At approximately what stage of processing is the plastic material added to the units? At approximately what stage of processing is the mesh material added to the units? Assuming instead that Skysong 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.) 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.)

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

Government Auditing Standards 2011 Revision

Authors: U. S. Government Accountability Office, Comptroller General Of The United States

1st Edition

1482311372, 978-1482311372

More Books

Students also viewed these Accounting questions