The conversion costs are added evenly throughout this manufacturing process. Assuming Coronado 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$.15\mathrm{.}25$ 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.$)$

Account Titles and Explanation

Debit

Credit

WIP Inventory $-$ Assembly Your answer is correct.

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?

Solution

List of Accounts Assuming instead that Coronado 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$.15\mathrm{.}25$ 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 O for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit