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Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for
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 (11,200 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,400 units started) Mixing costs Finishing costs $ 134,320 1,096 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: Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Flow of units: Units to be accounted for. Beginning WIP inventory Units started this period Total units to account for Units accounted for. Physical Units Equivalent Units Mixing Department Finishing Department 0 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: Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) 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 Flow of costs: Costs to be accounted for Costs in beginning WIP inventory Current period costs Physical Units Equivalent Units Mixing Department Finishing Department Total 0 0 Mixing Department 0 Finishing Department 0 Units accounted for Completed and transferred out Units in ending inventory Mixing Finishing Total units accounted for Flow of costs Costs to be accounted for Costs in beginning WIP inventory Current period costs Total 0 Mixing Department 0 Finishing Department Total costs to be accounted for 0 $ 0 0 Cost per equivalent unit Mixing Finishing Costs accounted for Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for $ 0 $ 0 0
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