I really struggle with teh FiFO and weighted average stuff Idk where to even start with it    Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department).         WIP inventory—Finishing     Beginning inventory (10,300 units, 25% complete with respect to Finishing costs)     Transferred-in costs (from Mixing) $ 115,510 Finishing conversion costs   9,295  Current work (98,600 units started)     Mixing costs   897,260 Finishing costs   436,370     The ending inventory has 14,300 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs.   Required: a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)   Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department).         WIP inventory—Finishing     Beginning inventory (10,300 units, 25% complete with respect to Finishing costs)     Transferred-in costs (from Mixing) $ 115,510 Finishing conversion costs   9,295  Current work (98,600 units started)     Mixing costs   897,260 Finishing costs   436,370     The ending inventory has 14,300 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs.   Required: a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)   Physical UnitsEquivalent Units  Mixing DepartmentFinishing DepartmentFlow 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   Finishing   Started and completed currently    Units in ending WIP inventory   Mixing   Finishing   Total units accounted for        TotalMixing DepartmentFinishing DepartmentFlow of costs:    Costs to be accounted for:    Costs in beginning WIP inventory    Current period costs   T otal costs to be accounted for   Cost per equivalent unit   Mixing   Finishing   Costs accounted for:   Costs assigned to units transferred out:    Costs from beginning WIP inventory    Current costs added to complete beginning WIP inventory   Mixing   Finishing    Current costs of units started and completed:   Mixing   Finishing    Total costs transferred out   Cost of ending WIP inventory   Mixing   Finishing    Total costs accounted for

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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I really struggle with teh FiFO and weighted average stuff Idk where to even start with it 

 

Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department).

 

     
WIP inventory—Finishing    
Beginning inventory (10,300 units, 25% complete with respect to Finishing costs)    
Transferred-in costs (from Mixing) $ 115,510
Finishing conversion costs   9,295
 Current work (98,600 units started)    
Mixing costs   897,260
Finishing costs   436,370
 

 

The ending inventory has 14,300 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs.

 

Required:
a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)

 

Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Department).

 

     
WIP inventory—Finishing    
Beginning inventory (10,300 units, 25% complete with respect to Finishing costs)    
Transferred-in costs (from Mixing) $ 115,510
Finishing conversion costs   9,295
 Current work (98,600 units started)    
Mixing costs   897,260
Finishing costs   436,370
 

 

The ending inventory has 14,300 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs.

 

Required:
a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)

 

Physical UnitsEquivalent Units  Mixing DepartmentFinishing DepartmentFlow 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   Finishing   Started and completed currently   

Units in ending WIP inventory   Mixing   Finishing   Total units accounted for        TotalMixing DepartmentFinishing DepartmentFlow of costs:   

Costs to be accounted for:  

 Costs in beginning WIP inventory   

Current period costs   T

otal costs to be accounted for   Cost per equivalent unit   Mixing   Finishing   Costs accounted for:   Costs assigned to units transferred out:   

Costs from beginning WIP inventory   

Current costs added to complete beginning WIP inventory   Mixing   Finishing   

Current costs of units started and completed:   Mixing   Finishing   

Total costs transferred out   Cost of ending WIP inventory   Mixing   Finishing   

Total costs accounted for   

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