armouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department).   WIP inventory-Finishing  Beginning inventory (10,200 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing)                                                         $  113,520  Finishing conversion costs                                                                                3,493  Current Work (98,400 units started)  Mixing costs                                                                                                     885,600  Finishing costs                                                                                                  417,732   The ending inventory has 14,200 units, which are 50 percent complete with respect to finishing Department costs and 100 percent complete for Mixing Department costs.   Required: Complete the production cost report using the weighted-average method. (Round “Cost per equivalent unit” to 2 decimal places.)                                                                                       Physical Units                       Equivalent Units                                                                                                                                      Mixing           Finishing                                                                                                                              Department     Department 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                ______________         ___________   _____________   Units in ending inventory                           _______________       ___________   _____________        Mixing                                                        _______________       ___________   ____________        Finishing                                                    _______________       ___________   _____________ Total units accounted for                               _______________     ___________   _____________                                                                                                   Total                     Mixing Dept      Finishing Dept Flow of costs:                                                     ______________       ____________   ____________ Costs to be accounted for:                              ______________       ____________    ____________    Costs in beginning WIP inventory               _______________     ____________    ____________    Current period costs                                      _______________    _____________   ____________       Total costs to be accounted for                  $                         0      $                       0    $                     0 Cost per equivalent unit                                   _______________    _____________   ____________    Mixing                                                               _______________    _____________   ____________    Finishing                                                            _______________    _____________   ____________ Costs accounted for:                                        _______________     ______________    _____________   Costs assigned to units transferred out      _______________     ______________    _____________   Costs of ending WIP inventory                     _______________     ______________    _____________        Total costs accounted for                           $                          0       $                         0     $

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Chapter1: Financial Statements And Business Decisions
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Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department).

 

WIP inventory-Finishing 

Beginning inventory (10,200 units, 20% complete with respect to Finishing costs)

Transferred-in costs (from Mixing)                                                         $  113,520

 Finishing conversion costs                                                                                3,493

 Current Work (98,400 units started)

 Mixing costs                                                                                                     885,600

 Finishing costs                                                                                                  417,732

 

The ending inventory has 14,200 units, which are 50 percent complete with respect to finishing Department costs and 100 percent complete for Mixing Department costs.

 

Required:

Complete the production cost report using the weighted-average method. (Round “Cost per equivalent unit” to 2 decimal places.)

 

                                                                                    Physical Units                       Equivalent Units

                                                                                                                                     Mixing           Finishing

                                                                                                                             Department     Department

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                ______________         ___________   _____________

  Units in ending inventory                           _______________       ___________   _____________

       Mixing                                                        _______________       ___________   ____________

       Finishing                                                    _______________       ___________   _____________

Total units accounted for                               _______________     ___________   _____________

 

                                                                                                Total                     Mixing Dept      Finishing Dept

Flow of costs:                                                     ______________       ____________   ____________

Costs to be accounted for:                              ______________       ____________    ____________

   Costs in beginning WIP inventory               _______________     ____________    ____________

   Current period costs                                      _______________    _____________   ____________

      Total costs to be accounted for                  $                         0      $                       0    $                     0

Cost per equivalent unit                                   _______________    _____________   ____________

   Mixing                                                               _______________    _____________   ____________

   Finishing                                                            _______________    _____________   ____________

Costs accounted for:                                        _______________     ______________    _____________

  Costs assigned to units transferred out      _______________     ______________    _____________

  Costs of ending WIP inventory                     _______________     ______________    _____________

       Total costs accounted for                           $                          0       $                         0     $                      0

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