Please do not give image format Required:a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)Flow of unitsUnits to be accounted forBeginning WIP inventoryUnits started this periodTotal units to account forUnits accounted forCompleted and transferred outFrom beginning WIP inventoryMixingFinishingStarted and completed currentlyUnits in ending WIP inventoryMixingFinishingTotal units accounted forFlow of costs:Costs to be accounted forShow Transcribed TextFlow of costsCosts to be accounted forCosts in beginning WIP inventoryCurrent period costsTotal costs to be accounted forCost per equivalent unitMixingFinishingCosts accounted for:Costs assigned to units transferred outCosts from beginning WIP inventoryCurrent costs added to complete beginning WIP inventoryMixingFinishingCurrent costs of units started and completed:MixingFinishingTotal costs transferred outCost of ending WIP inventoryMixingFinishingTotal costs accounted for3Physical UnitsTotal$cTotal0Equivalent UnitsMixingDepartmentMixingDepartment0 $0FinishingDepartmentFinishingDepartmentFinishingMixingDepartment Department0 $0 S00 S00 Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show thefollowing information for Finishing operations for February (no new material is added in the Finishing Department).WIP inventory-FinishingBeginning inventory (11,700 units, 20% complete with respect to Finishingcosts)Transferred-in costs (from Mixing)Finishing conversion costsCurrent work (101,400 units started)Mixing costsFinishing costsFlow of units:Units to be accounted forBeginning WIP inventoryUnits started this periodThe ending inventory has 15,700 units, which are 50 percent complete with respect to Finishing Department costs and 100 percentcomplete for Mixing Department costs.Total units to account forRequired:a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit to 2 decimal places.)Units accounted for$Physical Units145,47011,233A1,064,700586,587Equivalent UnitsMixingFinishingDepartment Department

Name: Please do not give image format Required:a. Complete the production co
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Description: Please do not give image format Required:a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)Flow of unitsUnits to be accounted forBeginning WIP inventoryUnits started this periodTotal

The FIFO method considers the work done on the beginning inventory in the last period and completes…

Business

Accounting

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 Flow of units: Units to be accounted for Beginning WIP inventory Units started this period 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. Total units to account for Required: a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit to 2 decimal places.) Units accounted for $ Physical Units 145,470 11,233 0 1,064,700 586,587 Equivalent Units Mixing Department 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 (11,700 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 Flow of units: Units to be accounted for Beginning WIP inventory Units started this period 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. Total units to account for Required: a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit to 2 decimal places.) Units accounted for $ Physical Units 145,470 11,233 0 1,064,700 586,587 Equivalent Units Mixing Department Finishing Department

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

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.

Topic Video

Question

Please do not give image format

Required:
a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)
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
From beginning WIP inventory
Mixing
Finishing
Started and completed currently
Units in ending WIP inventory
Mixing
Finishing
Total units accounted for
Flow of costs:
Costs to be accounted for
Show Transcribed Text
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 from beginning WIP inventory
Current costs added to complete beginning WIP inventory
Mixing
Finishing
Current costs of units started and completed:
Mixing
Finishing
Total costs transferred out
Cost of ending WIP inventory
Mixing
Finishing
Total costs accounted for
3
Physical Units
Total
$
c
Total
0
Equivalent Units
Mixing
Department
Mixing
Department
0 $
0
Finishing
Department
Finishing
Department
Finishing
Mixing
Department Department
0 $
0 S
0
0 S
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
Flow of units:
Units to be accounted for
Beginning WIP inventory
Units started this period
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.
Total units to account for
Required:
a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit to 2 decimal places.)
Units accounted for
$
Physical Units
145,470
11,233
A
1,064,700
586,587
Equivalent Units
Mixing
Finishing
Department Department

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