Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at...
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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 (11,900 units, 20% complete with respect to Finishing costs)
Transferred-in costs (from Mixing)
$
150,070
Finishing conversion costs
8,675
Current work (101,800 units started)
Mixing costs
1,089,260
Finishing costs
619,264
The ending inventory has 15,900 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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