Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth...
Fantastic news! We've Found the answer you've been seeking!
Question:
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 (11,300 units, 25% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,600 units started) Mixing costs Finishing costs $ 136,510 11,085 1,016,060 547,695 The ending inventory has 15,300 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.) 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 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 $ $ Total 0 0 Mixing Department Equivalent Units Mixing Department 0 $ 0 $ 0 → Finishing Department Finishing Department 0 $ 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 (11,300 units, 25% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (100,600 units started) Mixing costs Finishing costs $ 136,510 11,085 1,016,060 547,695 The ending inventory has 15,300 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.) 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 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 $ $ Total 0 0 Mixing Department Equivalent Units Mixing Department 0 $ 0 $ 0 → Finishing Department Finishing Department 0 $ 0 $ 0 0 0
Expert Answer:
Answer rating: 100% (QA)
SOLUTION To complete the production cost report using the weightedaverage method we need to calculate the equivalent ... View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 978-1259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
Students also viewed these accounting questions
-
At the beginning of the current year EDSA Company leased equipment from a lessor with the following pertinent information: a) Annual rental payable at the end of each year 500,000 b) Lease term 8...
-
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...
-
Refer to the information in Exercise 8-41. Required a. Prepare a production cost report using the FIFO method. b. Is the ending inventory higher using FIFO or the weighted-average method? Why? c....
-
Your examination of the records of Wilson Ltd, which was established on 1 March 2015, reveals that the accountant debited the Land, Buildings and Equipment account with the following items (ignore...
-
What is purchasing power parity? If grapefruit juice costs $2.00 a liter in the United States and purchasing power parity holds, what should be the price of grapefruit juice in Spain?
-
Natural gas as a mixture of 75% methane and 25% ethane by mass is flowing to a compressor at 17C, 100 kPa. The reversible adiabatic compressor brings the flow to 250 kPa. Find the exit temperature...
-
The connection between a motor neuron and a muscle cell (a) involves an electrical synapse. (b) determines whether muscles contract or extend. (c) uses the neurotransmitter acetylcholine. (d)...
-
Bad-Debt Reporting Issues Valasquez Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the...
-
Town Service Center is a voluntary health and welfare organization funded by contributions from the general public. During 20X6, it received unrestricted pledges of $800,000, half of which were...
-
Your company is considering investing in its own transport fleet. The present position is that carriage is contracted to an outside organization. The life of the transport fleet would be five years,...
-
What is the importance of different functional groups?
-
What is the total weight of the slab in problem 7 in lb and the weight in psf (lb/ft2), if reinforced concrete has a unit weight of 150 pcf (lb/ft3)
-
Write an introductory paragraph explaining the purpose of the report (assume the role of a Manager) Identify the main variations, favourable and/or unfavourable Provide an explanation why they may...
-
Verify that incoming stock corresponds to orders and delivery documentation. Examine items for damage, quality, and use-by dates, and document findings in accordance with organisational procedures. ...
-
Stack-based Recursive Graphics Links in the screenshots are: Link 1- https://processing.org/examples/tree.html Link 2- https://processing.org/examples/recursion.html Link 3-...
-
How do you expect VE, RR, and TV to respond to incremental exercise?
-
If f(x) = 7 In x: A. An estimate of f'(1) using the interval from 1 to 1.1 is B. An estimate of f'(1) using the interval from 1 to 1.01 is
-
Doorharmony Company makes doorbells. It has a weighted- average cost of capital of 5% and total assets of $ 5,900,000. Doorharmony has current liabilities of $ 750,000. Its operating income for the...
-
Why is worker involvement important to an organizations success?
-
Following several years of tight budgets, administrators at the University of California, Davis, looked for ways to do more with less. Janet Hamilton, vice chancellor of administration, researched...
-
Refer to Exercise 9-33. Orlando, the manager of the New York unit, is unhappy with the results of the controller's study. He asks the controller to develop separate rates for fixed and variable costs...
-
The plaintiff [Christine Parent] leased an automobile from Amity Autoworld, Ltd. (hereafter Amity) [in Amityville, New York] in January 2002. Amity sold all its Toyota automobile franchise assets * *...
-
In 1994, [Alvin Gebhart] began working at Mutual of New York (MONY) in San Diego, where he sold annuities and mutual funds. While at MONY, Gebhart met Jack Archer, a fellow MONY salesperson. In 1995,...
-
Iberia Surgical [LLC] was formed, in August 1998, by a group of physicians practicing in Iberia Parish [Louisiana] for the purpose of establishing an ambulatory, outpatient surgery center. * * * Dr....
Study smarter with the SolutionInn App