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 (11,900 units, 20% complete with respect to Finishing costs)     Transferred-in costs (from Mixing) $ 150,070 Finishing conversion costs   8,675 Current work (101,800 units started)     Mixing costs   1,089,260 Finishing costs   619,264

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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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 (11,900 units, 20% complete with respect to Finishing costs)    
Transferred-in costs (from Mixing) $ 150,070
Finishing conversion costs   8,675
Current work (101,800 units started)    
Mixing costs   1,089,260
Finishing costs   619,264
 

 

The ending inventory has 15,900 units, which are 60 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.)

Physical Units
Equivalent Units
Mixing
Department
Finishing
Department
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
Mixing
Department
Finishing
Department
Total
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
Transcribed Image Text:Physical Units Equivalent Units Mixing Department Finishing Department 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 Mixing Department Finishing Department Total 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
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