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 (11,100 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,200 units started) Mixing costs Finishing costs The ending inventory has 15,100 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs. Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Required: Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Completed and transferred out Units in ending inventory Mixing Physical Units 11,100 100,200 111,300 $ 132,150 3,022 15,100 991,980 517,803 Mixing Department Equivalent Units Finishing 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 (11,100 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,200 units started) Mixing costs Finishing costs The ending inventory has 15,100 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs. Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Required: Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Completed and transferred out Units in ending inventory Mixing Physical Units 11,100 100,200 111,300 $ 132,150 3,022 15,100 991,980 517,803 Mixing Department Equivalent Units Finishing 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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