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, 40% complete 20,000 gallons Units completed and transferred out 134,000 gallons Units in process, July 31, 55% complete 20,000 gallons Costs: Work in process, July 1 $40,000 Costs added during July 369,900 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 fill in the blank 1 Units started fill in the blank 2 Total units to account for fill in the blank 3 Units to account for: Units Units started and completed fill in the blank 4 From beginning WIP fill in the blank 5 Units in ending WIP fill in the blank 6 Total units to account for fill in the blank 7 Equivalent units: Units Started and completed fill in the blank 8 To complete beginning WIP fill in the blank 9 Units in ending WIP fill in the blank 10 Total equivalent units fill in the blank 11 Cost Information Costs to account for: Dollars Costs in beginning WIP $fill in the blank 12 Costs added by department fill in the blank 13 Total costs to account for $fill in the blank 14 Cost per equivalent unit $fill in the blank 15 Costs accounted for: Total Transferred out: Units started and completed $fill in the blank 16 Units in beginning work in process: From prior period fill in the blank 17 From current period fill in the blank 18 Total cost transferred out $fill in the blank 19 Goods in ending work in process fill in the blank 20 Total costs accounted for $fill in the blank 21
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, 40% complete 20,000 gallons Units completed and transferred out 134,000 gallons Units in process, July 31, 55% complete 20,000 gallons Costs: Work in process, July 1 $40,000 Costs added during July 369,900 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 fill in the blank 1 Units started fill in the blank 2 Total units to account for fill in the blank 3 Units to account for: Units Units started and completed fill in the blank 4 From beginning WIP fill in the blank 5 Units in ending WIP fill in the blank 6 Total units to account for fill in the blank 7 Equivalent units: Units Started and completed fill in the blank 8 To complete beginning WIP fill in the blank 9 Units in ending WIP fill in the blank 10 Total equivalent units fill in the blank 11 Cost Information Costs to account for: Dollars Costs in beginning WIP $fill in the blank 12 Costs added by department fill in the blank 13 Total costs to account for $fill in the blank 14 Cost per equivalent unit $fill in the blank 15 Costs accounted for: Total Transferred out: Units started and completed $fill in the blank 16 Units in beginning work in process: From prior period fill in the blank 17 From current period fill in the blank 18 Total cost transferred out $fill in the blank 19 Goods in ending work in process fill in the blank 20 Total costs accounted for $fill in the blank 21
Chapter1: Financial Statements And Business Decisions
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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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
| Production: | ||
| Units in process, July 1, 40% complete | 20,000 gallons | |
| Units completed and transferred out | 134,000 gallons | |
| Units in process, July 31, 55% complete | 20,000 gallons | |
| Costs: | ||
| Work in process, July 1 | $40,000 | |
| Costs added during July | 369,900 |
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 | fill in the blank 1 |
| Units started | fill in the blank 2 |
| Total units to account for | fill in the blank 3 |
| Units to account for: | |
| Units | |
| Units started and completed | fill in the blank 4 |
| From beginning WIP | fill in the blank 5 |
| Units in ending WIP | fill in the blank 6 |
| Total units to account for | fill in the blank 7 |
| Equivalent units: | Units |
| Started and completed | fill in the blank 8 |
| To complete beginning WIP | fill in the blank 9 |
| Units in ending WIP | fill in the blank 10 |
| Total equivalent units | fill in the blank 11 |
| Cost Information | |
| Costs to account for: | |
| Dollars | |
| Costs in beginning WIP | $fill in the blank 12 |
| Costs added by department | fill in the blank 13 |
| Total costs to account for | $fill in the blank 14 |
| Cost per equivalent unit | $fill in the blank 15 |
| Costs accounted for: | |
| Total | |
| Transferred out: | |
| Units started and completed | $fill in the blank 16 |
| Units in beginning work in process: | |
| From prior period | fill in the blank 17 |
| From current period | fill in the blank 18 |
| Total cost transferred out | $fill in the blank 19 |
| Goods in ending work in process | fill in the blank 20 |
| Total costs accounted for | $fill in the blank 21 |
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