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 inthe FinishingDepartment). WIP inventory-Finishing Beginning inventory (11,900 units, 20% complete with respect to Finishing costs) s 150.070 Transferred-in costs (from Mixing Finishing conversion costs Current work 01,800 units started) 1,089.260 Mixing costs Finishing costs 619 264 The ending inventory has 15,900 units, which are 60 percent complete with respect to Finishing Department costs and 100percent 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. Physical Units Equivalent Units Mixing Finishing Departmen Flow of units Unis to be accounted for Beginning WP inventory Units started this period Total Unites to account for 0 Units accounted for Completed and transferred out From beginning WMP inventory Midng Finishing Started and completed currently Units in ending WPinventory Finishing Total unts 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