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 (11,700 units, 20 % complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (101,400 units started) Mixing costs Finishing costs The ending inventory has 15,700 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 Finishing 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 Mixing Finishing Costs accounted for: Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for Physical Units $ $ Total 0 0 Mixing Department Mixing Department 0 $ $ 145,470 11,233 0 $ Equivalent Units 0 1,064,700 586,587 Finishing Department Finishing Department 0 $ 0 $ 0 0 0
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 (11,700 units, 20 % complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (101,400 units started) Mixing costs Finishing costs The ending inventory has 15,700 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 Finishing 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 Mixing Finishing Costs accounted for: Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for Physical Units $ $ Total 0 0 Mixing Department Mixing Department 0 $ $ 145,470 11,233 0 $ Equivalent Units 0 1,064,700 586,587 Finishing Department Finishing Department 0 $ 0 $ 0 0 0
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
H3.
Transcribed Image Text: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 (11,700 units, 20 % complete with respect to
Finishing costs)
Transferred-in costs (from Mixing)
Finishing conversion costs
Current work (101,400 units started)
Mixing costs
Finishing costs
The ending inventory has 15,700 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
Finishing
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
Mixing
Finishing
Costs accounted for:
Costs assigned to units transferred out
Costs of ending WIP inventory
Total costs accounted for
Physical Units
$
$
Total
0
0
Mixing
Department
Mixing
Department
0 $
$ 145,470
11,233
0 $
Equivalent Units
0
1,064,700
586,587
Finishing
Department
Finishing
Department
0 $
0 $
0
0
0
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