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 $ 245,055 9,676 $ 906,625 103,140 The ending inventory has 14,800 units, which are 90 percent complete with respect to Refining Department costs. Required: Complete the production cost report using the weighted-average method.
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 $ 245,055 9,676 $ 906,625 103,140 The ending inventory has 14,800 units, which are 90 percent complete with respect to Refining Department costs. Required: Complete the production cost report using the weighted-average method.
Chapter1: Financial Statements And Business Decisions
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Dinesh
![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
$ 245,055
9,676
$ 906,625
103,140
The ending inventory has 14,800 units, which are 90 percent complete with respect to Refining Department costs.
Required:
Complete the production cost report using the weighted-average method.
Note: Round "Cost per equivalent unit" to 2 decimal places.
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
Refining
Total units accounted for
Flow of costs:
Costs to be accounted for:
Costs in beginning WIP inventory
Equivalent Units
Physical
Units
Mixing
Department
Refining
Department
0
Total
Mixing
Department
Refining
Department
Current period costs
Total costs to be accounted for
$
0
$
0
$
0
Cost per equivalent unit
Mixing
Refining
Costs accounted for:
Costs assigned to units transferred out
Costs of ending WIP inventory
Total costs accounted for
$
0
$
0
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5eed48bc-531d-43e5-afea-a164fe7f00cc%2Fb05a6ab2-5bda-4e2d-8849-bec92157ab67%2Fp2so23k_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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
$ 245,055
9,676
$ 906,625
103,140
The ending inventory has 14,800 units, which are 90 percent complete with respect to Refining Department costs.
Required:
Complete the production cost report using the weighted-average method.
Note: Round "Cost per equivalent unit" to 2 decimal places.
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
Refining
Total units accounted for
Flow of costs:
Costs to be accounted for:
Costs in beginning WIP inventory
Equivalent Units
Physical
Units
Mixing
Department
Refining
Department
0
Total
Mixing
Department
Refining
Department
Current period costs
Total costs to be accounted for
$
0
$
0
$
0
Cost per equivalent unit
Mixing
Refining
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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VIEWStep 6: Calculation of Cost of units Completed
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