value: 10.00 points Yarmouth Company produces a liquid solvent in two department

Question

value: 10.00 points 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 inhing Beginning inventory (10,400 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs Current work (98,800 units started) Mixing costs Finishing costs $117,520 3,980 908,960 445,984 The ending inventory has 14,400 units, which are 60 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.)

Explanation / Answer

Solution:

Yarmouth Company Finishing Department Computation of Equivalent unit (FIFO) Particulars Physical units Mixing Finishing Units to be accounted for: Beginning WIP Inventory 10400 Units started this period 98800 Total unit to be accounted for 109200 Units Accounted for: Units completed and transferred out From beginning inventory
Mixing - 0%
Finishing - 80% 10400 0 8320 Started and completed currently 84400 84400 84400 Units in ending WIP
Material - 100%
Conversion - 60% 14400 14400 8640 Total units accounted for 109200 98800 101360

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