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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 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 (11,700 units, 20% complete with respect to Finishing costs) | ||
Transferred-in costs (from Mixing) | $ | 145,470 |
Finishing conversion costs | 11,233 | |
Current work (101,400 units started) | ||
Mixing costs | 1,064,700 | |
Finishing costs | 586,587 | |
The ending inventory has 15,700 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs.
Required: a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)
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