Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth...
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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 inventoryFinishing Beginning inventory (11,300 units, 25% complete with respect to Finishing costs) Transferredin 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 weightedaverage 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
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SOLUTION To complete the production cost report using the weighted average method we need to calculate the equivalent units and the cost per equivalen View the full answer
Related Book For
Fundamentals of Cost Accounting
ISBN: 9781259565403
5th edition
Authors: William Lanen, Shannon Anderson, Michael Maher
Posted Date:
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