Answered step by step
Verified Expert Solution
Link Copied!

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

image text in transcribed

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 (11,600 units, 20% complete with respect to Finishing costs)
Transferred-in costs (from Mixing) $ 143,200
Finishing conversion costs 7,664
Current work (101,200 units started)
Mixing costs 1,052,480
Finishing costs 583,744

The ending inventory has 15,600 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.)

Yarmouth Company produces a liquid solvent in two departments: Moxing and Finishing. Accounting records at Yarmouth show the following information for Finishing operations for February (no new material is added in the Finishing Beginning inventory (11,600 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (101,200 units started) Mixing costs Finishing costs 141.200 The ending inventory has 15,600 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.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions