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$ 242,0559,676Required:a. Complete the production cost report using the FIFO method.Note: Round "Cost per equivalent unit" to 2 decimal places.$ 903,625103,140The ending inventory has 14,500 units, which are 90 percent complete with respect to Refining Department costs. 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 inventoryMixingRefiningTotal units accounted forFlow of costs:Costs to be accounted for:Costs in beginning WIP inventoryCurrent period costsTotal costs to be accounted for$PhysicalUnitsTotal00Equivalent UnitsMixingRefiningDepartment DepartmentMixingDepartment0 $0RefiningDepartment0 S0

Equivalent units of production mean converting the work-in-progress of incomplete units into…

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) $242,055 9,676 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 14,500 units, which are 90 percent complete with respect to Refining Department costs. $ 903,625 103,140

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) $242,055 9,676 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 14,500 units, which are 90 percent complete with respect to Refining Department costs. $ 903,625 103,140

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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