FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

Question

Please do not give solution in image format thanku 

Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw
material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month
based on market conditions. Information on costs and operations in the Refining Department for September follow:
WIP inventory-Refining
Beginning inventory
(17,500 units, 10% complete with respect to Refining costs)
Transferred-in costs (from Mixing)
Refining conversion costs
Current work (55,300 units started)
$ 244,055
9,676
Required:
a. Complete the production cost report using the FIFO method.
Note: Round "Cost per equivalent unit" to 2 decimal places.
Mixing costs
Refining costs
The ending inventory has 14,700 units, which are 90 percent complete with respect to Refining Department costs.
$ 905,625
103,140
expand button
Transcribed Image Text:Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) $ 244,055 9,676 Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Mixing costs Refining costs The ending inventory has 14,700 units, which are 90 percent complete with respect to Refining Department costs. $ 905,625 103,140
Flow of units:
Units to be accounted for
Beginning WIP inventory
Units started this period
Total units to account for
Units accounted for:
Completed and transferred out
From beginning WIP inventory
Mixing
Refining
Started and completed currently
Units in ending WIP inventory
Mixing
Refining
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
Refining
Costs accounted for
Costs assigned to units transferred out:
Costs from beginning WIP inventory
Current costs added to complete beginning WIP inventory
Mixing
Refining
Current costs of units started and completed:
Mixing
Refining
Total costs transferred out
Cost of ending WIP inventory
Mixing
Refining
Total costs accounted for
Everything already typed is correct, I just need the missing blanks.
Physical
Units
17.500
55,300
72.800
17,500
14,700
$
32.200
Total
Mixing
Department
$ 253,731 $
1,008,765
$ 1,282,498 S
$
S
$ 253,731 S
Mixing
Department
$ 253,731 S
LQUIVOICIIS VIRS
253,731 S
0
14,700
14,700
16.38
Refining
Department
244,055 S
905.625
1.149.680 S
0
244,055 S
Refining
Department
244,055 S
15,750
244,055 S
13,230
28,980
9,676
103,140
112.816
9.676
9,676
9.676
expand button
Transcribed Image Text:Flow of units: Units to be accounted for Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out From beginning WIP inventory Mixing Refining Started and completed currently Units in ending WIP inventory Mixing Refining 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 Refining Costs accounted for Costs assigned to units transferred out: Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Mixing Refining Current costs of units started and completed: Mixing Refining Total costs transferred out Cost of ending WIP inventory Mixing Refining Total costs accounted for Everything already typed is correct, I just need the missing blanks. Physical Units 17.500 55,300 72.800 17,500 14,700 $ 32.200 Total Mixing Department $ 253,731 $ 1,008,765 $ 1,282,498 S $ S $ 253,731 S Mixing Department $ 253,731 S LQUIVOICIIS VIRS 253,731 S 0 14,700 14,700 16.38 Refining Department 244,055 S 905.625 1.149.680 S 0 244,055 S Refining Department 244,055 S 15,750 244,055 S 13,230 28,980 9,676 103,140 112.816 9.676 9,676 9.676
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education