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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, 80% complete Units completed and transferred out Units in process, July 31, 75% complete 120,000 gallons 690,000 gallons 80,000 gallons Costs: Work in process, July 1 Costs added during July $ 120,000 1,471,500

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, 80% complete Units completed and transferred out Units in process, July 31, 75% complete 120,000 gallons 690,000 gallons 80,000 gallons Costs: Work in process, July 1 Costs added during July $ 120,000 1,471,500

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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FIFO; Production Report
Refer to the information for Aztec Inc. on the previous page.
Required:
Prepare a 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, 80% complete Units completed and transferred out Units in process, July 31, 75% complete 120,000 gallons 690,000 gallons 80,000 gallons Costs: Work in process, July 1 Costs added during July $ 120,000 1,471,500
Transcribed Image Text: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, 80% complete Units completed and transferred out Units in process, July 31, 75% complete 120,000 gallons 690,000 gallons 80,000 gallons Costs: Work in process, July 1 Costs added during July $ 120,000 1,471,500
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