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WIP inventory-Refining Beginning inventory (17,see 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 14,400 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 Maxing 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 Maxing 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: Micing Refining Total costs transferred out Cost of ending WIP inventory Mixing Refining Total costs accounted for 11 Physical Units 17.500 55.300 72.800 S - $ 17.500 40,000 14.400 72.800 Total S 250,731 S 250.731 $ 241,855 9,676 S S $902,625 103,140 Equivalent Units Mixing Refining Department Department S 250,731 S Mixing Department 40,000 250.731 $ 241,055 $ 902.025 250 731 $ 1.143.880 $ O 14.400 55,300 18.32 241.055 241,055 $ 241,055 S S S Refining Department S 15,750 40.000 12.900 60,810 9.878 103.140 112.818 1.48 9.878 0,878 0.878

WIP inventory-Refining Beginning inventory (17,see 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 14,400 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 Maxing 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 Maxing 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: Micing Refining Total costs transferred out Cost of ending WIP inventory Mixing Refining Total costs accounted for 11 Physical Units 17.500 55.300 72.800 S - $ 17.500 40,000 14.400 72.800 Total S 250,731 S 250.731 $ 241,855 9,676 S S $902,625 103,140 Equivalent Units Mixing Refining Department Department S 250,731 S Mixing Department 40,000 250.731 $ 241,055 $ 902.025 250 731 $ 1.143.880 $ O 14.400 55,300 18.32 241.055 241,055 $ 241,055 S S S Refining Department S 15,750 40.000 12.900 60,810 9.878 103.140 112.818 1.48 9.878 0,878 0.878

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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WIP inventory-Refining Beginning inventory (17,see units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55, 388 units started) Mixing costs Refining costs The ending inventory has 14,400 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 Making 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 Moxing Refining Costs accounted for: Costs assigned to units transferred out Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Moxing Refining Current costs of units started and completed: Moding Refining Total costs transferred out Cost of ending WIP inventory Mixing Refining Total costs accounted for S € $ 3 Physical Units 17.500 55.300 72.800 17.500 40 000 14.400 72.800 Total 250.731 $ 250,731 S 250,731 S $ 241,855 9,676 260731 S 250.731 S 1902,525 183,148 Mixing Department Equivalent Units Mixing Department 40.000 0 55.300 241 055 S 902.025 1,143 880 $ 18.32 241.055 241,055 S 241,055 $ 3 S Refining Department Refining Department 15.750 40.000 12.900 60,810 9,878 103.140 112,818 148 9.878 0.878 0,878
Transcribed Image Text:WIP inventory-Refining Beginning inventory (17,see units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55, 388 units started) Mixing costs Refining costs The ending inventory has 14,400 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 Making 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 Moxing Refining Costs accounted for: Costs assigned to units transferred out Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Moxing Refining Current costs of units started and completed: Moding Refining Total costs transferred out Cost of ending WIP inventory Mixing Refining Total costs accounted for S € $ 3 Physical Units 17.500 55.300 72.800 17.500 40 000 14.400 72.800 Total 250.731 $ 250,731 S 250,731 S $ 241,855 9,676 260731 S 250.731 S 1902,525 183,148 Mixing Department Equivalent Units Mixing Department 40.000 0 55.300 241 055 S 902.025 1,143 880 $ 18.32 241.055 241,055 S 241,055 $ 3 S Refining Department Refining Department 15.750 40.000 12.900 60,810 9,878 103.140 112,818 148 9.878 0.878 0,878
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