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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 (11,200 units, 20% complete with respect to Finishing costs) | ||
Transferred-in costs (from Mixing) | $ | 134,320 |
Finishing conversion costs | 1,096 | |
Current work (100,400 units started) | ||
Mixing costs | 1,004,000 | |
Finishing costs | 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: a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)
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