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) $ 145,470 Finishing conversion costs 11,233 Current work (101,400 units started) Mixing costs 1,064,700 Finishing costs 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.) 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) $ 145,470 Finishing conversion costs 11,233 Current work (101,400 units started) Mixing costs 1,064,700 Finishing costs 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.) Physical UnitsEquivalent Units Mixing DepartmentFinishing DepartmentFlow of units: Units to be accounted for: Beginning WIP inventory Units started this period T otal units to account for0 Units accounted for: Completed and transferred out Units in ending inventory Mixing Finishing Total units accounted for000 TotalMixing DepartmentFinishing DepartmentFlow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for$0$0$0Cost per equivalent unit Mixing Finishing Costs accounted for: Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for$0$0$0
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.
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) | $ | 145,470 |
| Finishing conversion costs | 11,233 | |
| Current work (101,400 units started) | ||
| Mixing costs | 1,064,700 | |
| Finishing costs | 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.)
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) | $ | 145,470 |
| Finishing conversion costs | 11,233 | |
| Current work (101,400 units started) | ||
| Mixing costs | 1,064,700 | |
| Finishing costs | 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.)
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