Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10 % complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 249,055 9,676 $ 910,625 103,140 The ending inventory has 15,200 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places.
Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10 % complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 249,055 9,676 $ 910,625 103,140 The ending inventory has 15,200 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places.
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 9CE: Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling....
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![Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw
material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month
based on market conditions. Information on costs and operations in the Refining Department for September follow:
WIP inventory-Refining
Beginning inventory
(17,500 units, 10% complete with respect to Refining costs)
Transferred-in costs (from Mixing)
Refining conversion costs
Current work (55,300 units started)
Mixing costs
Refining costs
$ 249,055
9,676
$ 910,625
103,140
The ending inventory has 15,200 units, which are 90 percent complete with respect to Refining Department costs.
Required:
a. Complete the production cost report using the FIFO method.
Note: Round "Cost per equivalent unit" to 2 decimal places.
Flow 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
Refining
Started and completed currently
Units in ending WIP inventory
Mixing
Refining
Equivalent Units
Physical
Units
Mixing
Department
0
Total units accounted for
0
0
Total
Mixing
Department
Flow of costs:
Costs to be accounted for:
Costs in beginning WIP inventory
Current period costs
Refining
Department
Refining
Department
Total costs to be accounted for
$
0 $
0 $
0
Cost per equivalent unit
Mixing
Refining
Costs accounted for:
Costs assigned to units transferred out:
Costs from beginning WIP inventory
Current costs added to complete beginning WIP inventory
Mixing
Refining
Current costs of units started and completed:
Mixing
Refining
Total costs transferred out
Cost of ending WIP inventory
Mixing
Refining
Total costs accounted for
$
0 $
0 $
0
$
0
$
0
$
0](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8ea36428-bfd1-4229-8ca7-8dbebf3c22dd%2Fa7701f80-a2d2-4510-a833-1042a281c2bc%2F4z3u69_processed.png&w=3840&q=75)
Transcribed Image Text:Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing and Refining. The raw
material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to month
based on market conditions. Information on costs and operations in the Refining Department for September follow:
WIP inventory-Refining
Beginning inventory
(17,500 units, 10% complete with respect to Refining costs)
Transferred-in costs (from Mixing)
Refining conversion costs
Current work (55,300 units started)
Mixing costs
Refining costs
$ 249,055
9,676
$ 910,625
103,140
The ending inventory has 15,200 units, which are 90 percent complete with respect to Refining Department costs.
Required:
a. Complete the production cost report using the FIFO method.
Note: Round "Cost per equivalent unit" to 2 decimal places.
Flow 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
Refining
Started and completed currently
Units in ending WIP inventory
Mixing
Refining
Equivalent Units
Physical
Units
Mixing
Department
0
Total units accounted for
0
0
Total
Mixing
Department
Flow of costs:
Costs to be accounted for:
Costs in beginning WIP inventory
Current period costs
Refining
Department
Refining
Department
Total costs to be accounted for
$
0 $
0 $
0
Cost per equivalent unit
Mixing
Refining
Costs accounted for:
Costs assigned to units transferred out:
Costs from beginning WIP inventory
Current costs added to complete beginning WIP inventory
Mixing
Refining
Current costs of units started and completed:
Mixing
Refining
Total costs transferred out
Cost of ending WIP inventory
Mixing
Refining
Total costs accounted for
$
0 $
0 $
0
$
0
$
0
$
0
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