Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting...
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Accounting
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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