Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing Accounting records atYarmouth show the following information for Finishing operations for February (no new material is added in theFinishing Department).WIP inventory-FinishingBeginning inventory (11,400 units, 20% complete with respect toFinishing costs)Transferred-in costs (from Mixing)Finishing conversion costsCurrent work (100,800 units startediMixing costsFinishing costsThe ending inventory has 15.400 units, which are 60 percent complete with respect to Finishing Department costs.and 100 percent complete for Mixing Department costs.Flow of unitsUnits to be accounted for:Beginning WIP inventoryUnits started this periodRequired:a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimalplaces.)Total units to account forUnits accounted forCompleted and transferred outFrom beginning WIP inventoryMixingFinishingStarted and completed currentlyUnits in ending WIP inventoryMoxingFinishingTotal units accounted forFlow of costsCosts to be accounted forCosts in beginning WIP inventoryCurrent period costsTotal costs to be accounted forCost per equivalent unitMixingFinishingCosts accounted forCosts assigned to units transferred out< Prev5 of 6E$$ 138,7287,010Total1,928,160560,3040FinishingMixingDepartment DepartmentEquivalent Units0$MixingDepartmentNext >0FinishingDepartment0 $

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

The production cost report is concerned with determining the overall direct cost of manufacturing…

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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 (11,400 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,800 units started Mixing costs Finishing costs $ 138,720 7,010 1,925,160 560,304 The ending inventory has 15.400 units, which are 60 percent complete with respect to Finishing Department c and 100 percent complete for Mixing Department costs Flow of units Units to be accounted for Required: a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decim places) Equivalent Units Finishing Mixing Department Department

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 (11,400 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,800 units started Mixing costs Finishing costs $ 138,720 7,010 1,925,160 560,304 The ending inventory has 15.400 units, which are 60 percent complete with respect to Finishing Department c and 100 percent complete for Mixing Department costs Flow of units Units to be accounted for Required: a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decim places) Equivalent Units Finishing Mixing Department Department

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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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 (10,600 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) $ 121,600 Finishing conversion costs 4,554 Current work (99,200 units started) Mixing costs 932,480 Finishing costs 468,464 The ending inventory has 14,600 units, which are 60 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.)
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