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Please show work, so I can see where I've made mistakes..... Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records
Please show work, so I can see where I've made mistakes.....
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 (11,000 units, 30% complete with respect to Finishing costs Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,000 units started) Mixing costs Finishing costs $ 130,000 11,250 980,000 508,500 The ending inventory has 15,000 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 Finishing Department Department 11,000 100,000 111,000 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 85,000 85,000 85,000 26,000 15,000 16,700 101,700 111,000 100,000 Total Mixing Department Finishing Department $ $ 141,250 1,488,500 1,629,750 130,000 $ 980,000 1,110,000 $ 11,250 508,500 519,750 $ $ 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 $ 9.80 5.00 $ 1,437,750 192,000 1,629,750 963,000 $ 147,000 1,110,000 $ 474,750 45,000 519,750 $ $Step by Step Solution
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