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Exercise 8-44 (Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5, 6) Yarmouth Company produces a liquid solvent in two departments. Mixing
Exercise 8-44 (Algo) Prepare a Production Cost Report: FIFO Method (LO 8-2, 4, 5, 6) 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 (17,sed units, 25% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (101,000 units started) Mixing costs Finishing costs 140,950 5,625 1,840,300 570, 500 The ending Inventory has 15,500 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 FIFO method, (Round "Cost per equivalent unlt" to 2 deelmal places.) Physical Units Equivalent Units Mixing Finishing Department Department Flow of units Units to be accounted for Beginning Wipertory Units staded this penod Total units to account for Units nocounted for Completed and transferred but The ending Inventory has 15.500 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs. Required: a. Complete the production cost report using the FIFO method (Round "Cost per equivalent unit" to 2 decimal places.) Physical Units Equivalent Units Mixing Finishing Department Department 0 Flow of units Units to be accounted for Beginning WIP inventory Units started this period Total units to account for Unite accounted for Completed and transferred out From beginning WP Inventory Mixing Finishing Started and completed currently Unitsin ending WP inventory Mixing Finishing Total accounted for 0 Total Mixing Department Finishing Department Flow of Miscing Finishing Total units accounted for 0 Total Mixing Department Finishing Department 0 $ 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 Miscing 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 Miscing Finishing Total costs transferred out Cost of ending WiPinventory Misdag Finishing Total costs accounted for 0 S 0 0 $
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