90.2K

Verified Solution

Link Copied!

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 (11,400 units, 20% complete with respect to Finishing costs)
Transferred-in costs (from Mixing)	$	138,720
Finishing conversion costs		7,010
Current work (100,800 units started)
Mixing costs		1,028,160
Finishing costs		560,304

The ending inventory has 15,400 units, which are 60 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
Flows of Units:
Units to be accounted for:
Beginning WIP inventory
Units started this period
Total units to account for
Units account for:
Completed and transferred out
Units in ending inventory
Mixing
Finishing
Total units accounted for
	TOTAL	Mixing	Finishing
Flow of Costs:
Costs to be accounted for:
Costs in beginning WIP inventory
Current period costs
Total costs to be account for
Cost per equivalent unit
Mixing
Finishing
Costs accounted for:
Costs assigned to units transferred out
Costs of ending WIP inventory
Total costs accounted for

Answer & Explanation Solved by verified expert

See Answer