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 $ 145,470 11,233 1,064,700 586,587 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. Required: Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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![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
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
$
$
$
11,700
101,400
113,100
Total
0
Mixing
Department
Equivalent Units
Mixing
Department
156,703 $
1,651,287
1,807,990 $
0 $
0
Finishing
Department
145,470 $
1,064,700
1,210,170 $
Finishing
Department
0 $
0
11,233
586,587
597,820](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52615ebc-3deb-446b-94e8-8fddbf33eb42%2F6c3f5e15-2b70-407b-a23d-4f348dcf4d5f%2F5gc0yc_processed.jpeg&w=3840&q=75)
![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
$ 145,470
11,233
1,064,700
586,587
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.
Required:
Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52615ebc-3deb-446b-94e8-8fddbf33eb42%2F6c3f5e15-2b70-407b-a23d-4f348dcf4d5f%2Fgnpaxao_processed.jpeg&w=3840&q=75)
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