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In: Accounting

Mino Inc. manufactures chocolate syrup in three departments: Cooking, Mixing, and Bottling. Mino uses the weighted...

Mino Inc. manufactures chocolate syrup in three departments: Cooking, Mixing, and Bottling. Mino uses the weighted average method. The following are cost and production data for the cooking department for April (Note: Assume that units are measured in gallons.):

Production:
Units in process, April 1, 60% complete 32,000
Units completed and transferred out 40,000
Units in process, April 30, 20% complete 7,500
Costs:
WIP, April 1 $ 80,600
Costs added during April 131,050

Required:

Prepare a production report for the cooking department. Round cost per equivalent unit value to the nearest cent and use rounded value in intermediate calculations.

Mino Inc.
Cooking Department Production Report
For the Month of April (Weighted Average Method)
Unit Information
Physical flow:
Units to account for: Units
Units in beginning work in process
Units started
Total units to account for
Units accounted for: Units
Units completed
Units in ending work in process
Total units accounted for
Equivalent units:
Units
Units completed
Units in ending work in process
Total equivalent units
Cost Information
Costs to account for:
Dollars
Costs in beginning work in process $
Costs added by department
Total costs to account for $
Cost per equivalent unit $
Costs accounted for:
Transferred Out Ending Work in Process Total
Goods transferred out $ $
Goods in ending work in process $
Total costs accounted for $ $ $

Solutions

Expert Solution

physical flow in unit's

Unit's to accounted for unit's units to accounted for unit's
Unit's in beginning work in process 32000 units started and completed 40000
Unit's started(balance figure) 15500 Ending inventory 7500
Total units to account for 47500 total units accounted for 47500

Equivalent units of production under weighted average method

Particular units(gallons)
Unit's started and completed 40000
Ending inventory (7500×20%) 1500
Total equivalent units 41500

​​​​​​Cost per Equivalent unit

Particular
Beginning balance cost $80600
Cost added during the month $131050
Total cost $211650
Equivalent units 41500
Cost per Equivalent unit (total cost/equivalent units) $5.1

cost of ending inventory and units transferred

Particular amount ($)
Cost of units transferred

(40000×$5.1)

$204000
'cost of ending inventory

(1500×$5.1)

$7650
Total cost ACCOUNTED FOR $211650

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ekkarill92 answered 3 years ago
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