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)$ 239,055Refining conversion costs9,676Current work (55,300 units started) Mixing costs$ 900,625Refining costs103,140The ending inventory has 14,200 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. Physical UnitsEquivalent UnitsMixing DepartmentRefining DepartmentFlow of units: Units to be accounted for: Beginning WIP inventory17,500 Units started this period55,300 Total units to account for72,800 Units accounted for: Completed and transferred out From beginning WIP inventory17,500 Mixing 0 Refining Started and completed currently586 Units in ending WIP inventory Mixing Refining Total units accounted for18,08600 TotalMixing DepartmentRefining DepartmentFlow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for$0$0$0Cost per equivalent unit Mixing Refining Costs accounted for: Costs assigned to units transferred out: Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Mixing Refining Current costs of units started and completed: Mixing Refining Total costs transferred out$0$0$0Cost of ending WIP inventory Mixing Refining Total costs accounted for$0$0$0Need help, stuck on this question

Equivalent units under FIFO method of process costing are the number of finished units that could…

Answered: Beverly Plastics produces a part used…

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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WIP inventory—Refining
Beginning inventory (17,500 units, 10% complete with respect to Refining costs)
Transferred-in costs (from Mixing)	$ 239,055
Refining conversion costs	9,676
Current work (55,300 units started)
Mixing costs	$ 900,625
Refining costs	103,140

Required:

a. Complete the production cost report using the FIFO method.

Note: Round "Cost per equivalent unit" to 2 decimal places.

	Physical Units	Equivalent Units
Mixing Department	Refining Department
Flow of units:
Units to be accounted for:
Beginning WIP inventory	17,500
Units started this period	55,300
Total units to account for	72,800
Units accounted for:
Completed and transferred out
From beginning WIP inventory	17,500
Mixing		0
Refining
Started and completed currently	586
Units in ending WIP inventory
Mixing
Refining
Total units accounted for	18,086	0	0
	Total	Mixing Department	Refining Department
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
Refining
Costs accounted for:
Costs assigned to units transferred out:
Costs from beginning WIP inventory
Current costs added to complete beginning WIP inventory
Mixing
Refining
Current costs of units started and completed:
Mixing
Refining
Total costs transferred out	$ 0	$ 0	$ 0
Cost of ending WIP inventory
Mixing
Refining
Total costs accounted for	$ 0	$ 0	$ 0

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