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(Appendix 6A) FIFO; Production Report Aztec Inc. produces soft drinks. Mixing is the first department, and...

(Appendix 6A) FIFO; Production Report

Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information:

Production:
Units in process, July 1, 60% complete 18,000 gallons
Units completed and transferred out 139,000 gallons
Units in process, July 31, 55% complete 24,000 gallons
Costs:
Work in process, July 1 $36,000
Costs added during July 353,500

Required:

Prepare a production report.

Aztec Inc. Mixing Department
Production Report
For the Month of July (FIFO Method)
Unit Information
Physical flow:
Units to account for: Units
Units in beginning WIP
Units started
Total units to account for
Units to account for:
Units
Units started and completed
From beginning WIP
Units in ending WIP
Total units to account for
Equivalent units: Units
Started and completed
To complete beginning WIP
Units in ending WIP
Total equivalent units
Cost Information
Costs to account for:
Dollars
Costs in beginning WIP $
Costs added by department
Total costs to account for $
Cost per equivalent unit $
Costs accounted for:
Total
Transferred out:
Units started and completed $
Units in beginning work in process:
From prior period
From current period
Total cost transferred out $
Goods in ending work in process
Total costs accounted for $

Solutions

Expert Solution

Answer-

units to account for
Beginning WIP 18,000
Units started       [139,000+24,000 - 18,000] 145,000
Units to account for 163,000
Started and completed    [139,000 -18,000] 121,000
Beginning WIP 18,000
Ending Inventory 24,000
Units to account for 163,000

Equivalent units:

Started and completed 121,000
Beginning WIP    [18,000*.40] 7,200
Ending WIP [ 24,000 * .55] 13,200
Equivalent units 141,400

cost to account for:

Cost of Beginning WIP 36,000
cost added by department 353,500
Total cost to account for 389,500
cost per equivalent units    [389,500 /141,400] $ 2.75
units started and completed     [121,000 * 2.75] 332,750
units in beginning WIP
from prior period         36,000
From current period           [18,000*.40 *2.75] 19,800
Total cost transfered out
goods in ending WIP     [24,000 * .55*2.75] 36,300
Total cost to account for 388,850

**Difference is due decimal places.


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