ACG 2071 Lecture Notes - Fall 2018 Lecture 8 - Indian Railways
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20 Sep 2018
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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 inventoryâFinishing | ||
Beginning inventory (10,200 units, 20% complete with respect to Finishing costs) | ||
Transferred-in costs (from Mixing) | $ | 113,520 |
Finishing conversion costs | 3,493 | |
Current work (98,400 units started) | ||
Mixing costs | 885,600 | |
Finishing costs | 417,732 | |
The ending inventory has 14,200 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: | |||
Begginning WIP inventory | ? | ||
Units started this period | ? | ||
Total units to account for | |||
Units accounted for: | |||
Completed and transferred out | ? | ? | ? |
Units in ending inventory | ? | ||
Mixing | ? | ||
Finishing | ? | ||
Total units accounted for |
Total | 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 | |||
Cost per equivalent unit | |||
Mixing | ? | ||
Finishing | ? | ||
Cost accounted for: | |||
Costs assigned to units transferred out | ? | ? | ? |
Costs of ending WIP inventory | ? | ? | ? |
Total cost accounted for |
*Only in the question marks belong the answers.*