Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth show
Question:
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 (10,700 units, 20% complete with respect to Finishing costs)
Transferred-in costs (from Mixing)..............................................................$123,670
Finishing conversion costs.............................................................................8,003
Current work (99,400 units started)
Mixing costs..........................................................................................944,300
Finishing costs.......................................................................................472,867
The ending inventory has 14,700 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs.
BOTH OF THE BELOW CHARTS ARE REQUIRED:
a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)
Ending InventoryThe ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
Step by Step Answer:
Fundamentals of Cost Accounting
ISBN: 978-0078025525
4th edition
Authors: William Lanen, Shannon Anderson, Michael Maher