Question
In: Accounting
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 (10,100 units, 25% complete with respect to Finishing costs) | ||
| Transferred-in costs (from Mixing) | $ | 111,550 |
| Finishing conversion costs | 5,472 | |
| Current work (98,200 units started) | ||
| Mixing costs | 873,980 | |
| Finishing costs | 420,567 | |
The ending inventory has 14,100 units, which are 60 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.)
Solutions
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ekkarill92 answered 1 year agoRelated Solutions
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...
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 (10,500 units, 20% complete with respect to
Finishing costs)
Transferred-in costs (from Mixing)
$
119,550
Finishing conversion costs
7,615
Current work (99,000 units started)
Mixing costs
920,700
Finishing costs
460,690
The ending inventory has 14,500 units, which are 50 percent
complete with...
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 (10,300 units, 25% complete with respect to
Finishing costs)
Transferred-in costs (from Mixing)
$
115,510
Finishing conversion costs
9,295
Current work (98,600 units started)
Mixing costs
897,260
Finishing costs
436,370
The ending inventory has 14,300 units, which are 50 percent
complete with...
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 (10,600 units, 20% complete with respect to
Finishing costs)
Transferred-in costs (from Mixing)
$
121,600
Finishing conversion costs
4,554
Current work (99,200 units started)
Mixing costs
932,480
Finishing costs
468,464
The ending inventory has 14,600 units, which are 60 percent
complete with...
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 (10,100
units, 25% complete with respect to Finishing costs)
Transferred-in costs (from
Mixing)
$
111,550
Finishing conversion costs
5,472
Current work (98,200 units
started)
Mixing costs
873,980
Finishing costs
420,567
The ending inventory has 14,100 units, which are 60 percent
complete with...
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 (10,500 units, 20% complete with respect to
Finishing costs)
Transferred-in costs (from Mixing)
$
119,550
Finishing conversion costs
7,615
Current work (99,000 units started)
Mixing costs
920,700
Finishing costs
460,690
The ending inventory has 14,500 units, which are 50 percent
complete with...
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 (11,200
units, 20% complete with respect to Finishing costs)
Transferred-in costs (from
Mixing)
$
134,320
Finishing conversion costs
1,096
Current work (100,400 units
started)
Mixing costs
1,004,000
Finishing costs
537,056
The ending inventory has 15,200 units, which are 60 percent
complete with...
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 (11,900 units, 20% complete with respect to
Finishing costs)
Transferred-in costs (from Mixing)
$
150,070
Finishing conversion costs
8,675
Current work (101,800 units started)
Mixing costs
1,089,260
Finishing costs
619,264
The ending inventory has 15,900 units, which are 60 percent
complete with...
Chemical Company produces a product in two departments: (1) Mixing and (2) Finishing. The company uses...
Chemical Company produces a product in two departments: (1)
Mixing and (2) Finishing. The company uses a process cost
accounting system.
(a) Purchased raw materials for $50,000 on account.
(b) Raw materials requisitioned for production were:
Direct materials
Mixing
department
$20,000
Finishing
department
14,000
(c) Incurred labor costs of $69,000.
(d) Factory labor used:
Mixing
department
$44,000
Finishing
department
25,000
(e) Manufacturing overhead is applied
to the product based on machine hours used in each...
The Laramie Factory produces expensive boots. It has two departments, tanning and finishing departments, which process...
The Laramie Factory produces expensive boots. It has two
departments, tanning and finishing departments, which process all
the items. During January, the beginning work in process in the
tanning department was 40% complete as to conversion and 100%
complete as to direct materials. The beginning inventory included
$6,000 for materials and $18,000 for conversion costs. Ending
work-in-process inventory in the tanning department was 40%
complete. Direct materials are added at the beginning of the
process. Beginning work in process in...
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