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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
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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Flow of units Units to be accounted for Beginning WP 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 WP inventory Maxing Refining Total units accounted for Flow of costs Costs to be accounted for Costs in beginning WP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Moxing 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 Moxing Refining Total costs transferred out Cost of ending WIP inventory Mixing Refining Physical Units 17.500 55,300 72,800 $ 17,500 32,400 22,900 72,800 Total $ 17,500AN $ 17,500 $ 0$ Equivalent Units Mixing Refining Department Department Mixing Department 0$ Refining Department 0
Transcribed Image Text:Flow of units Units to be accounted for Beginning WP 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 WP inventory Maxing Refining Total units accounted for Flow of costs Costs to be accounted for Costs in beginning WP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Moxing 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 Moxing Refining Total costs transferred out Cost of ending WIP inventory Mixing Refining Physical Units 17.500 55,300 72,800 $ 17,500 32,400 22,900 72,800 Total $ 17,500AN $ 17,500 $ 0$ Equivalent Units Mixing Refining Department Department Mixing Department 0$ Refining Department 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) $ 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.
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) $ 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.
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