Production Report, Weighted Average Mino Inc. manufactures chocolate syrup in th

Question

Production Report, Weighted Average

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.):

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.

Production: Units in process, April 1, 60% complete 32,000 Units completed and transferred out 40,000 Units in process, April 30, 20% complete 6,000 Costs: WIP, April 1 $ 95,600 Costs added during April 118,640

Explanation / Answer

            unit Information Physical flow: Units to account for units units in Beginning work in process 32,000 Units started 6,000 total units to account for 46,000 units accounted for: Units units completed 40,000 units in ending work in process 6,000 total units accounted for 46,000 Equivalent units units units completed 40,000 units in ending work In nprocess 1,200 total Equivalent units 41,200                                    Cost Information Costs to account for: Dollars Costs in beginning work in process 95,600 costs added by department 118,640 total costs to account for 214,240 cost per Equivalent unit 5.2 costs accounted for Transferred ending total out WIP Goods transferred out 208000 208000 goods in ending WIP 6240 6240 Total costs accounted for 208000 6240 214240

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