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) $ 237,055 9,676 Refining conversion costs Current work (55,300 units started) Mixing costs $898,625 Refining costs 103,140 The ending inventory has 22,900 units, which are 90 percent complete with respect to Refining Department costs. Required: Complete the production cost report using the weighted-average method. Note: Round "Cost por 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) $ 237,055 9,676 Refining conversion costs Current work (55,300 units started) Mixing costs $898,625 Refining costs 103,140 The ending inventory has 22,900 units, which are 90 percent complete with respect to Refining Department costs. Required: Complete the production cost report using the weighted-average method. Note: Round "Cost por 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 20E: Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through...
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