Answered step by step
Verified Expert Solution
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
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 (11,500 units, 25% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (101,000 units started) Mixing costs Finishing costs $ 140,950 5,625 1,040,300 570,500 The ending inventory has 15,500 units, which are 50 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 Physical Units Equivalent Units Mixing Department Finishing Department Units started this period Total units to account for 11,500 101,000 112,500 Units accounted for: Completed and transferred out 97,000 97,000 97,000 Units in ending inventory 15,500 Mixing 15,500 Finishing Total units accounted for 112,500 112,500 7,750 104,750 Flow of costs: Costs to be accounted for: Total Mixing Department Finishing Department Costs in beginning WIP inventory Current period costs 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
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started