I Y education.wiley.com C W Ch 11 Assignment W NWP Assessment Player UI Application Ch 11 Assignment Question 3 of 7 0.61 /1 ... Novak Paints makes various interior and exterior paints for its customers, but its current focus is on its top-selling interior brand. Novak 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. Units Transferred-In DM Conversion Costs Units in beginning WIP Inventory 1,700 Beginning WIP Inventory degree of completion 100% 100% 60% Costs in beginning WIP Inventory $13,680 $1,860 $1,580 New units started 43,500 Costs added to WIP Inventory this period $378,450 $54,990 $82,346 Units completed 44,000 Units in ending WIP Inventory 1,200 Ending WIP Inventory degree of completion 100% 0% 30% (a) Your answer is correct. Complete Steps 1-5 of the template for the canning department of Novak Paints this year using the FIFO method of process7 T El] : educationmileycom C W Ch 1i Assignment W NWP Assessment Player Ul Application 6 Ch 11 Assignment Question 3 of7 0.61 /1 E (a) V Your answer is correct. Complete Steps 1-5 of the template for the canning department of Novak Paints this year using the FIFO method of process costing, clearly labeling the following. (Round cost per equivalent unit answers to 2 decimal places, e.g. 15.25.) I Equivalent units of production for all three cost categories: transferred-in, DM, and conversion costs. I The cost per equivalent unit for all three cost categories: transferred-in, DM, and conversion costs I The total cost of units completed and the total cost of units in ending WIP Inventory. Transferred-in DM Conversion Cost Total equivalent units of ' 7 ,,, ,, ,, w ,, , work done ' ' Cost per equivalent unit $ ' "1 $ "1 $ Total cost of units completed $ 1i ' , Cost of units in endinngP Inventory 15 ii 7 T El] 7 I] education.wiley.com C W Ch ll Assignment W NWP Assessment Player Ul Application 6 Ch 11 Assignment Question 3 of7 0.61 /1 E E (b) YourAnswer CorrectAnswer V Your answer is correct. Record the journal entry for each ofthe following transactions. (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 all debit entries before credit entries.) 1. Transfer of paint into the canning process in March. 2. Completion of canning of 44,000 gallons of paint in March. No. Account Titles and Explanation Debit Credit I Y education.wiley.com C W Ch 11 Assignment W NWP Assessment Player UI Application Ch 11 Assignment Question 3 of 7 > 0.61 / 1 8 ... e Textbook and Iviedia ASSIStance usea List of Accounts Assistance Used Attempts: 3 of 3 used (c) Your answer is partially correct. Present Novak'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. WIP Inventory-Canning Beginning Balance Beginning Balance Transferred-in from Mixing Dept. Transferred-in from Mixing Dept. 4 DM Added DM Added Conversion Costs Added Conversion Costs Added Ending Balance Ending Balance