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 (10,200 units, 20% complete with respect to Finishing costs) | ||
Transferred-in costs (from Mixing) | $ | 113,520 |
Finishing conversion costs | 3,493 | |
Current work (98,400 units started) | ||
Mixing costs | 885,600 | |
Finishing costs | 417,732 | |
|
The ending inventory has 14,200 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.)
Physical Units Equivalent Units Mixing Finishing Department Department Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out Units in ending inventory Mixing Finishing Total units accounted for
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