Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Exercise 8-43 (Algo) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 4) Yermouth Comperty produces a liquid solvent in two departments: Mixing and

image text in transcribed

Exercise 8-43 (Algo) Prepare a Production Cost Report: Weighted-Average Method (LO 8-2, 4) Yermouth Comperty 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 (10,900 units, 20% complete with respect to Finishing costs) Transferred-in costs (fron Mixing) Finishing conversion costs Current work (99,800 units started) Mixing costs Finishing costs. $127,870 8,617 968,068 495,243 The ending inventory has 14.900 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-everage 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 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 Casts of ending WIP inventory Total costs accounted for Physical Units Equivalent Units Mixing Finishing Department Department Total Mixing Finishing Department Department

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core concepts of accounting information systems

Authors: Jacob M. Rose, Mark G. Simkin, Carolyn Strand Norman

13th edition

978-1-119-0332, 1118742931, 978-1118742938

More Books

Students also viewed these Accounting questions

Question

Define the term default risk premium.

Answered: 1 week ago