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 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 (11,000 units, 30% complete with respect to Finishing costs) | ||
Transferred-in costs (from Mixing) | $ | 130,000 |
Finishing conversion costs | 11,250 | |
Current work (100,000 units started) | ||
Mixing costs | 980,000 | |
Finishing costs | 508,500 | |
The ending inventory has 15,000 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.)
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