In: Accounting
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 | $ | $ | $ |
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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