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 inventory---Finishing | |
Beginning inventory (11,500 units, 25% complete with respect to Finishing costs) | |
Transferred-in costs (from Mixing) | $ 140,950 |
Finishing conversion costs | 5,625 |
Current work (101,000 units started) | |
Mixing costs | 1,040,300 |
Finishing costs | 570,500 |
The ending inventory has 15,500 units, which are 50 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 | ---------------- | ---------------- | ------------------ |
Total | Mixing Department | Finishing Department | |
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 | --------- | ------------------- | ------------------------- |
*ANSWER needs to be filled in the space that is marked "-------------"
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