Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed
image text in transcribed
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 (11,600 units, 208 complete with respect to Finishing costs) Transferred-in costs from Mixing) Finishing conversion costs Current work (101,200 units started) Mixing costs Finishing costs $ 143,200 7,664 Book 1,052,480 583,744 References The ending inventory has 15,600 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 11,600 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 101,200 112,800 98,1001 98,100 98,1001 15.500 Units in ending inventory Mixing Finishina er 08 Homework i Saved Physical Units Equivalent Units Mixing Department Finishing Department Flow of units: 11,600 101,200 112,800 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 98,100 98,1007 15,600 98,100 nces 113,700 98,100 98,100 Total Mixing Department Finishing Department 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 [ $ 15,600 $ 15,600 $ 0

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

Primary English Audit And Test

Authors: Sue Reid, Angela Sawyer, Mary Bennett-Hartley

4th Edition

1446282759, 978-1446282755

More Books

Students also viewed these Accounting questions