Homework Help is Here – Start Your Trial Now!
Business
Accounting
5 based on market conditions, Information on costs WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Mixing costs Refining costs The ending Inventory has 15,600 units, which are 90 percent complete with respect to Refining Department costs. Flow of units Units to be accounted for Beginning WIP inventory Units started this period Total units to account for Units accounted for Completed and transferred out From beginning WIP inventory Moxing Refining Started and completed currently Units in ending WIP inventory Mbing Refining Total units accounted for Flow of costs Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Mading Refining Costs accounted for Costs assigned to units transferred out Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Mbding Ordnin Physical Units $ 253,055 9,676 Total S 914,625 103,140 Equivalent Units Mixing Department Refining Department Refining Mixing Department Department

5 based on market conditions, Information on costs WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Mixing costs Refining costs The ending Inventory has 15,600 units, which are 90 percent complete with respect to Refining Department costs. Flow of units Units to be accounted for Beginning WIP inventory Units started this period Total units to account for Units accounted for Completed and transferred out From beginning WIP inventory Moxing Refining Started and completed currently Units in ending WIP inventory Mbing Refining Total units accounted for Flow of costs Costs to be accounted for Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Mading Refining Costs accounted for Costs assigned to units transferred out Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Mbding Ordnin Physical Units $ 253,055 9,676 Total S 914,625 103,140 Equivalent Units Mixing Department Refining Department Refining Mixing Department Department

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Please do not give solution in image format thanku
5 based on market conditions Information on costs and operations WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Mixing costs Refining costs The ending Inventory has 15,600 units, which are 90 percent complete with respect to Refining Department costs. Flow of units Units to be accounted for Beginning WIP inventory. Units started this period Total units to account for Units accounted for Completed and transferred out From beginning WIP inventory Mixing Refining Started and completed currently Units in ending WIP inventory Mbing Refining Total units accounted for Flow of costs Costs to be accounted for Costs in beginning WMP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Mibding Refining Costs accounted for Costs assigned to units transferred out Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Mbding Refining Current costs of units started and completed. Mixing Refining Total costs transferred out Physical Units $ 253,055 9,676 Total $ 914,625 103,140 Equivalent Units Mixing Department Refining Department Refining Mixing Department Department
Transcribed Image Text:5 based on market conditions Information on costs and operations WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Mixing costs Refining costs The ending Inventory has 15,600 units, which are 90 percent complete with respect to Refining Department costs. Flow of units Units to be accounted for Beginning WIP inventory. Units started this period Total units to account for Units accounted for Completed and transferred out From beginning WIP inventory Mixing Refining Started and completed currently Units in ending WIP inventory Mbing Refining Total units accounted for Flow of costs Costs to be accounted for Costs in beginning WMP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Mibding Refining Costs accounted for Costs assigned to units transferred out Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Mbding Refining Current costs of units started and completed. Mixing Refining Total costs transferred out Physical Units $ 253,055 9,676 Total $ 914,625 103,140 Equivalent Units Mixing Department Refining Department Refining Mixing Department Department
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Inventory Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS