I really struggle with teh FiFO and weighted average stuff Idk where to even start with it 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 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.) 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 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.) Physical UnitsEquivalent Units Mixing DepartmentFinishing DepartmentFlow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out From beginning WIP inventory Mixing Finishing Started and completed currently Units in ending WIP inventory Mixing Finishing Total units accounted for TotalMixing DepartmentFinishing DepartmentFlow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs T otal costs to be accounted for Cost per equivalent unit Mixing Finishing Costs accounted for: Costs assigned to units transferred out: Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory Mixing Finishing Current costs of units started and completed: Mixing Finishing Total costs transferred out Cost of ending WIP inventory Mixing Finishing Total costs accounted for
I really struggle with teh FiFO and weighted average stuff Idk where to even start with it
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 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.)
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 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.)
Physical UnitsEquivalent Units Mixing DepartmentFinishing DepartmentFlow of units: Units to be accounted for:
Beginning WIP inventory
Units started this period
Total units to account for
Units accounted for:
Completed and transferred out From beginning WIP inventory Mixing Finishing Started and completed currently
Units in ending WIP inventory Mixing Finishing Total units accounted for TotalMixing DepartmentFinishing DepartmentFlow of costs:
Costs to be accounted for:
Costs in beginning WIP inventory
Current period costs T
otal costs to be accounted for Cost per equivalent unit Mixing Finishing Costs accounted for: Costs assigned to units transferred out:
Costs from beginning WIP inventory
Current costs added to complete beginning WIP inventory Mixing Finishing
Current costs of units started and completed: Mixing Finishing
Total costs transferred out Cost of ending WIP inventory Mixing Finishing
Total costs accounted for
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