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 The ending inventory has 22,900 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 inventory Units started this period Total units to account for Units accounted for: Completed and transferred out From beginning WIP inventory Mixing Refining Started and completed currently Units in ending WIP inventory Mixing Refining Total units accounted for Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for 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 Cost of ending WIP inventory Mixing Refining Total costs accounted for Physical Units $ $ $ Total 0 0 0 Mixing Department 0 $ Mixing Department $ 0 $ $ 237,055 9,676 Equivalent Units 0 $ 898,625 103,140 Refining Department Refining Department 0 $ 0 $ 0 $ 0 0 0
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 The ending inventory has 22,900 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 inventory Units started this period Total units to account for Units accounted for: Completed and transferred out From beginning WIP inventory Mixing Refining Started and completed currently Units in ending WIP inventory Mixing Refining Total units accounted for Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for 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 Cost of ending WIP inventory Mixing Refining Total costs accounted for Physical Units $ $ $ Total 0 0 0 Mixing Department 0 $ Mixing Department $ 0 $ $ 237,055 9,676 Equivalent Units 0 $ 898,625 103,140 Refining Department Refining Department 0 $ 0 $ 0 $ 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
The ending inventory has 22,900 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 inventory
Units started this period
Total units to account for
Units accounted for:
Completed and transferred out
From beginning WIP inventory
Mixing
Refining
Started and completed currently
Units in ending WIP inventory
Mixing
Refining
Total units accounted for
Flow of costs:
Costs to be accounted for:
Costs in beginning WIP inventory
Current period costs
Total costs to be accounted for
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
Cost of ending WIP inventory
Mixing
Refining
Total costs accounted for
Physical
Units
$
$
$
Total
0
0
Mixing
Department
Mixing
Department
0 $
0 $
os
0 $
Equivalent Units
$ 237,055
9,676
0
$ 898,625
103,140
Refining
Department
Refining
Department
0 $
0 $
0 $
0
0
0
0
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