Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The rawmaterial is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to monthbased on market conditions. Information on costs and operations in the Refining Department for September follow:WIP inventory-RefiningBeginning inventory(17,500 units, 10% complete with respect to Refining costs)Transferred-in costs (from Mixing)Refining conversion costsCurrent work (55,300 units started)Mixing costsRefining costs$ 249,0559,676$ 910,625103,140The ending inventory has 15,200 units, which are 90 percent complete with respect to Refining Department costs.Required:a. Complete the production cost report using the FIFO method.Note: Round "Cost per equivalent unit" to 2 decimal places.Flow of units:Units to be accounted for:Beginning WIP inventoryUnits started this periodTotal units to account forUnits accounted for:Completed and transferred outFrom beginning WIP inventoryMixingRefiningStarted and completed currentlyUnits in ending WIP inventoryMixingRefiningEquivalent UnitsPhysicalUnitsMixingDepartment0Total units accounted for00TotalMixingDepartmentFlow of costs:Costs to be accounted for:Costs in beginning WIP inventoryCurrent period costsRefiningDepartmentRefiningDepartmentTotal costs to be accounted for$0 $0 $0Cost per equivalent unitMixingRefiningCosts accounted for:Costs assigned to units transferred out:Costs from beginning WIP inventoryCurrent costs added to complete beginning WIP inventoryMixingRefiningCurrent costs of units started and completed:MixingRefiningTotal costs transferred outCost of ending WIP inventoryMixingRefiningTotal costs accounted for$0 $0 $0$0$0$0

For calculating the cost of units completed and transferred and cost of ending inventory, in costing…

Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: 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) Mixing costs Refining costs $ 249,055 9,676 $ 910,625 103,140 The ending inventory has 15,200 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places.

Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: 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) Mixing costs Refining costs $ 249,055 9,676 $ 910,625 103,140 The ending inventory has 15,200 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: 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) Mixing costs Refining costs Required: Complete the production cost report using the weighted-average method. Note: Round "Cost per equivalent unit" to 2 decimal places. The ending inventory has 14,700 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:…
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