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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 inventory-Finishing Beginning inventory (11,100 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,200 units started) Mixing costs Finishing costs The ending inventory has 15,100 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs. Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Required: Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Completed and transferred out Units in ending inventory Mixing Finishing Total units accounted for Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted 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 Physical Units $ $ 11,100 100,200 111,300 15,100 15,100 Total Mixing Department Mixing Department 0 $ 0 $ Equivalent Units $ 132,150 3,022 0 991,980 517,803 Finishing Department 0 $ Finishing Department 0 $ 0 0 0

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 inventory-Finishing Beginning inventory (11,100 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,200 units started) Mixing costs Finishing costs The ending inventory has 15,100 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs. Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Required: Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Completed and transferred out Units in ending inventory Mixing Finishing Total units accounted for Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted 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 Physical Units $ $ 11,100 100,200 111,300 15,100 15,100 Total Mixing Department Mixing Department 0 $ 0 $ Equivalent Units $ 132,150 3,022 0 991,980 517,803 Finishing Department 0 $ Finishing Department 0 $ 0 0 0

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 2PA: Cost of production report Hana Coffee Company roasts and packs coffee beans. The process begins by...
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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 inventory-Finishing Beginning inventory (11,100 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,200 units started) Mixing costs Finishing costs The ending inventory has 15,100 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs. Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Required: Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Completed and transferred out Units in ending inventory Mixing Finishing Total units accounted for Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted 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 Physical Units $ $ 11,100 100,200 111,300 15,100 15,100 Total Mixing Department Mixing Department 0 $ 0 $ Equivalent Units $ 132,150 3,022 0 991,980 517,803 Finishing Department 0 $ Finishing Department 0 $ 0 0 0
Transcribed Image Text: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 inventory-Finishing Beginning inventory (11,100 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,200 units started) Mixing costs Finishing costs The ending inventory has 15,100 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs. Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Required: Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.) Completed and transferred out Units in ending inventory Mixing Finishing Total units accounted for Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted 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 Physical Units $ $ 11,100 100,200 111,300 15,100 15,100 Total Mixing Department Mixing Department 0 $ 0 $ Equivalent Units $ 132,150 3,022 0 991,980 517,803 Finishing Department 0 $ Finishing Department 0 $ 0 0 0
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