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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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 (11,900 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:
Complete the production cost report using the weighted-average method. (Round "Cost per equivalent unit" to 2 decimal places.)
![Physical Units
Equivalent Units
Mixing
Department
Finishing
Department
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
Units in ending inventory
Mixing
Finishing
Total units accounted for
Mixing
Department
Finishing
Department
Total
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](https://content.bartleby.com/qna-images/question/3d9d2769-642e-4766-9ef4-6b4ef452117b/a4d9a8e2-f2e6-4f10-8607-651fbabdbfb2/f4ej1ib_thumbnail.png)
Transcribed Image Text:Physical Units
Equivalent Units
Mixing
Department
Finishing
Department
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
Units in ending inventory
Mixing
Finishing
Total units accounted for
Mixing
Department
Finishing
Department
Total
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
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