Question: Current Attempt in Progress Crane Corp. manufactures kitchen appliances and gadgets, llke coffee makers and can openers. Recently, the company ramped up production of Its

Current Attempt in Progress
Crane Corp. manufactures kitchen appliances and gadgets, llke 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, Crane reported the following activity and cost information for its only production process dedicated to these coffee brewers.
\table[[,Units,Plastic,Mesh,Conversion Costs],[Units in beginning WIP Inventory,800,,,],[Beginning WIP Inventory degree of completion,,100%,100%,70%],[Costs in beginning WIP Inventory,,$3,380,$296,$2.279],[New units started,14,700,,,],[Costs added to WIP Inventory this period,,$73,500,$7,480,$94.939],[Units completed,14,400,,,],[Units in ending WIP Inventory,1.100,,,30%],[Ending WIP Inventory degree of completion,,100%,0%,]]
The conversion costs are added evenly throughout this manufacturing process.(a)
Assuming Crane Corp. uses the FIFO method of process costing, complete Steps 1 to 5 In the template to determine the ceats of places, eg.15.25 and final answers to 0 decimal places, es.5,125J
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 them month for the account tilles and enter 0 for the amounts. List debit entry before credit entry)
Account TItles and Explanation
FG Inwentory
WMP Imventory
Debit
Create
List of Accounts
Attempts Oct 2 uned
Last saved 1 second ago.
Sayed work will be auto-submitted on the due date. Auto-(b)
Your answer is partially 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?
List of Accounts
Attempts: 1 of 2used(c)
Assuming instead that Crane 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 inwentory in April (Round cost par equivalent unit to 2 decimal places, eg.15.25 and final answers to 0 dedimal places, e,5,125J
Total cost of unilts completed
Cost of units in ending WIP Inventory
Record the journal entry to recognize the cost of units completed and transferred out of the munufacturing process this month: for the account thles and enter 0 for the amounts. Ust debit entry before credit entry)
Account Tritles and Explanation
Debit
Credit
List of Accounts
Attempts:0et 2used
Current Attempt in Progress Crane Corp.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!