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Yarmouth Company produces a liquid solvent in two departments: Mixing and Finishing. Accounting records at Yarmouth...

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 (11,700 units, 20% complete with respect to Finishing costs)

Transferred-in costs (from Mixing)

$

145,470

Finishing conversion costs

11,233

Current work (101,400 units started)

Mixing costs

1,064,700

Finishing costs

586,587

The ending inventory has 15,700 units, which are 50 percent complete with respect to Finishing Department costs and 100 percent complete for Mixing Department costs.

Required:
a. Complete the production cost report using the FIFO method. (Round "Cost per equivalent unit" to 2 decimal places.)

Solutions

Expert Solution

Formula Sheet :

As there was no specific format provided, I had prepared the sheet as per my format.

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ekkarill92 answered 3 years ago
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