THE ANSWERS THAT ARE CIRCLED IN RED ARE WRONG . PLEASE SOLVE FOR THE CORRECT ANS

Question

THE ANSWERS THAT ARE CIRCLED IN RED ARE WRONG. PLEASE SOLVE FOR THE CORRECT ANSWERS FOR ONLY THOSE THAT ARE CIRCLED IN RED INK. PLEASE PROVIDE CORRECT ANSWERS.

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 (10,400 units, 20% complete with respect to Finishing costs) Transferred-in costs (from Mixing) Finishing conversion costs S 117.520 3,980 Mixing costs Finishing costs 908,980 445,984 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

Explanation / Answer

Equivalent units Mixing Finishing Beginning units 10400 10400 Completion in current period 0% 80% A 0 8320 Units started and completed 84400 84400 Completion 100% 100% B 84400 84400 Ending Units 14,400 14,400 Completion 100% 60% C 14400 8640 Total units A+B+C 98800 101360 Cost per equivalent units Per unit cost Cost Total units Per unit cost Mixing 908960 98800 9.20 Finishing 445984 101360 4.40 Total 1354944 13.60 Cost of goods sold Mixing Finishing Beginning work in progress A 117520 3980 121500 Beginning inventory completed Completion 0% 80% Per unit cost 9.20 4.40 Units 10400 10400 Total cost   B 0 36608 36608 Units started and completed Completion 100% 100% Per unit cost 9.20 4.40 Units 84400 84400 Total cost    C 776480 371360 1147840 Total cost A+B+C 894000 407968 1305948 Ending work in progress Completion 100% 60% Per unit cost 9.20 4.40 Units 14,400 14,400 Total cost     132480 38016 170496

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