Question
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
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 inventoryFinishing
Beginning inventory (10,300 units, 25% complete with respect to Finishing costs)
Transferred-in costs (from Mixing)$115,510
Finishing conversion costs9,295
Current work (98,600 units started)
Mixing costs897,260
Finishing costs436,370
The ending inventory has 14,300 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs.
Calculate the production cost report using the FIFO method.
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