Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Yarmouth Company liquid solvent in two Taln operations for Feb new material is added in the Finishing ad Finishing. Accounting records at Yarmouth show the

image text in transcribedimage text in transcribed

Yarmouth Company liquid solvent in two Taln operations for Feb new material is added in the Finishing ad Finishing. Accounting records at Yarmouth show the following information for Finishing ishing Department) (no new WIP inventory-Finishing Beginning inventory (11,200 units, 20% complete with respect to Finishing costs) ransferred-in costs (from Mixing) 34 Current work (100,400 units started) Mixing costs Finishing costs 1,004,000 537,056 The ending inventory has 15,200 units, which are 60 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 Department Finishing Department Flow of units: Units to be accounted for: Beginning WIP inventory Units started th is period Total units account for 0 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 0 0 Mixing Department Finishing Department Total Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for 0 0 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 C 0 0 Cost of ending WIP inventory Mixing Finishing S 0 Total costs accounted for

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

Practitioners Guide To Business Impact Analysis Internal Audit And IT Audit

Authors: Priti Sikdar

1st Edition

036756792X, 978-0367567927

More Books

Students also viewed these Accounting questions

Question

What does a key logger do?

Answered: 1 week ago