Use the following information to complete Exercises below:
Utility Utensils (UU) manufactures cutlery and silverware. UU uses a process costing system and calculates per-unit costs using the First-in, First-out (FIFO) method. The company has two sequential production departments, Molding and Finishing. The following data was available for the Molding Department (the first production department) during the month of April for the production of the Collector's Spoon Set:
Molding department:
• Beginning Work in Process Inventory: 400 units, 40% complete with respect to conversion
• Ending Work in Process Inventory: 200 units, 75% complete with respect to conversion
All direct materials are added at the beginning of the Molding process, and conversion costs are assumed to be incurred uniformly throughout production. For the Molding Department, the cost of direct materials in beginning Work in Process incurred during March was $1,000, and the conversion costs in beginning Work in Process amounted to $3,000. During April, $61,750 of direct materials were added to production. Conversion costs in the Molding Department during April were $33,915. Over the course of the month, 4,000 units were completed and transferred out of the Molding Department to the Finishing Department.
NOTE: Round all per-unit costs (based on equivalent units) to the nearest penny (in intermediate calculations as well).
-What is the ending Work in Process Inventory for the Molding Department at the end of the month of April?

Question

Use the following information to complete Exercises below: 
Utility Utensils (UU) manufactures cutlery and silverware. UU uses a process costing system and calculates per-unit costs using the First-in, First-out (FIFO) method. The company has two sequential production departments, Molding and Finishing. The following data was available for the Molding Department (the first production department) during the month of April for the production of the Collector's Spoon Set:
Molding department:
• Beginning Work in Process Inventory: 400 units, 40% complete with respect to conversion
• Ending Work in Process Inventory: 200 units, 75% complete with respect to conversion
All direct materials are added at the beginning of the Molding process, and conversion costs are assumed to be incurred uniformly throughout production. For the Molding Department, the cost of direct materials in beginning Work in Process incurred during March was $1,000, and the conversion costs in beginning Work in Process amounted to $3,000. During April, $61,750 of direct materials were added to production. Conversion costs in the Molding Department during April were $33,915. Over the course of the month, 4,000 units were completed and transferred out of the Molding Department to the Finishing Department.
NOTE: Round all per-unit costs (based on equivalent units) to the nearest penny (in intermediate calculations as well).
-What is the ending Work in Process Inventory for the Molding Department at the end of the month of April?

Quizplus · Accepted Answer

The Answer of Use the following information to complete Exercises below: 
Utility Utensils (UU) manufactures cutlery and silverware. UU uses a process costing system and calculates per-unit costs using the First-in, First-out (FIFO) method. The company has two sequential production departments, Molding and Finishing. The following data was available for the Molding Department (the first production department) during the month of April for the production of the Collector's Spoon Set:
Molding department:
• Beginning Work in Process Inventory: 400 units, 40% complete with respect to conversion
• Ending Work in Process Inventory: 200 units, 75% complete with respect to conversion
All direct materials are added at the beginning of the Molding process, and conversion costs are assumed to be incurred uniformly throughout production. For the Molding Department, the cost of direct materials in beginning Work in Process incurred during March was $1,000, and the conversion costs in beginning Work in Process amounted to $3,000. During April, $61,750 of direct materials were added to production. Conversion costs in the Molding Department during April were $33,915. Over the course of the month, 4,000 units were completed and transferred out of the Molding Department to the Finishing Department.
NOTE: Round all per-unit costs (based on equivalent units) to the nearest penny (in intermediate calculations as well).
-What is the ending Work in Process Inventory for the Molding Department at the end of the month of April?

Use the Following Information to Complete Exercises Below