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.

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

Physical Units Equivalent Units Mixing Department Finishing Department Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for 0 Units accounted for: Completed and transferred out Units in ending inventory Mixing Finishing Total units accounted for 0 0 0

Mixing Department Finishing Department Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for $0 $0 $0 Cost per equivalent unit Mixing Finishing Costs accounted for: Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for $0 $0 $0

Answer 1

Physical units	Equivalent units
		Mixing department	Finishing department
Flow of units:
Units to be accounted for:
Beginning WIP inventory	10,700
Units started this period	99,400
Total units to account for	110,100
Units accounted for:
Completed and transferred out	95,400	95,400	95,400
Units in ending inventory	14,700
Mixing		14,700
Finishing			7,350
Total units accounted for	110,100	110,100	102,750

		Mixing department	Finishing department
Flow of cost:
Cost to be accounted for:
Cost in beginning WIP inventory		123,670	8,003
Current period cost		944,300	472,867
Total cost to be accounted for	$1,548,840	$1,067,970	$480,870
Cost per equivalent unit
Mixing		$9.7
Finishing			$4.68
Cost accounted for:
Cost assigned to units transferred out	$1,371,852	$925,380 (95,400*$9.7)	$446,472 (95,400*$4.68)
Cost of ending WIP inventory	176,988	142,590 (14,700*$9.7)	34,398 (7,350*$4.68)
Total cost accounted for	$1,548,840	$1,067,970	$480,870