Please do not give solution in image format thanku Flow of unitsUnits to be accounted forBeginning WP inventoryUnits started this periodTotal units to account forUnits accounted forCompleted and transferred outFrom beginning WIP inventoryMixingRefiningStarted and completed currentlyUnits in ending WP inventoryMaxingRefiningTotal units accounted forFlow of costsCosts to be accounted forCosts in beginning WP inventoryCurrent period costsTotal costs to be accounted forCost per equivalent unitMoxingRefiningCosts accounted forCosts assigned to units transferred outCosts from beginning WIP inventoryCurrent costs added to complete beginning WIP inventoryMixingRefiningCurrent costs of units started and completedMoxingRefiningTotal costs transferred outCost of ending WIP inventoryMixingRefiningPhysicalUnits17.50055,30072,800$17,50032,40022,90072,800Total$ 17,500AN$ 17,500 $0$Equivalent UnitsMixingRefiningDepartment DepartmentMixingDepartment0$RefiningDepartment0 Beverly Plastics produces a part used inprecision machining. The part is producedin two departments: Mixing and Refining.The raw material is introduced into theprocess in the Mixing Department. The costof the material fluctuates significantlymonth to month based on marketconditions. Information on costs andoperations in the Refining Department forSeptember follow: WIP inventory-Refining Beginning inventory (17,500 units,10% complete with respect to Refiningcosts) Transferred-in costs (from Mixing) $237,055 Refining conversion costs 9,676Current work (55,300 units started) Mixingcosts $ 898,625 Refining costs 130,140 Theending inventory has 22,900 units, whichare 90 percent complete with respect toRefining Department costs. Required: a.Complete the production cost report usingthe FIFO method. Note: Round "Cost perequivalent unit" to 2 decimal places.

Production costs are the outlays a business incurs when creating a good or offering a service. Prior…

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) $ 237,055 Refining conversion costs 9,676 Current work (55,300 units started) Mixing costs $ 898,625 Refining costs 130,140 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.

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) $ 237,055 Refining conversion costs 9,676 Current work (55,300 units started) Mixing costs $ 898,625 Refining costs 130,140 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.

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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