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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 Mixing costs Refining costs The ending inventory has 14,700 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. $ 905,625 103,140

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 Mixing costs Refining costs The ending inventory has 14,700 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. $ 905,625 103,140

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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
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
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
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