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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 (11,400 units, 20% complete with respect to Finishing costs) | ||
Transferred-in costs (from Mixing) | $ | 138,720 |
Finishing conversion costs | 7,010 | |
Current work (100,800 units started) | ||
Mixing costs | 1,028,160 | |
Finishing costs | 560,304 | |
The ending inventory has 15,400 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.)
Physical Units | Equivalent Units | ||
Mixing | Finishing | ||
Flows of Units: | |||
Units to be accounted for: | |||
Beginning WIP inventory | |||
Units started this period | |||
Total units to account for | |||
Units account for: | |||
Completed and transferred out | |||
Units in ending inventory | |||
Mixing | |||
Finishing | |||
Total units accounted for | |||
TOTAL | Mixing | Finishing | |
Flow of Costs: | |||
Costs to be accounted for: | |||
Costs in beginning WIP inventory | |||
Current period costs | |||
Total costs to be account for | |||
Cost per equivalent unit | |||
Mixing | |||
Finishing | |||
Costs accounted for: | |||
Costs assigned to units transferred out | |||
Costs of ending WIP inventory | |||
Total costs accounted for |
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