Production Report Tomar Company produces vitamin energy drinks. The Mixing Department, the first process department, mixes the ingredients required for the drinks. The following data are for April: Work in process, April 1 — Quarts started 90,000 Quarts transferred out 75,000 Quarts in EWIP 15,000 Direct materials cost $201,000 Direct labor cost $165,000 Overhead applied $330,000 Direct materials are added throughout the process. Ending inventory is 80 percent complete with respect to direct labor and overhead. Required: Prepare a production report for the Mixing Department for April. If an answer is zero, enter "0". Tomar Company Mixing Department Production Report for April Unit Information Units to account for: Units in beginning work in process ? Units started ? Total units to account for ? Units accounted for: Physical Flow Equivalent Units Units completed ? ? Units in ending work in process ? ? Total units accounted for ? Work completed ? Cost Information Costs to account for: Beginning, WIP ? Incurred during the period ? Total costs to account for ? Divided by Equivalent Units ? Cost per equivalent unit ? Costs accounted for: Units completed and transferred out ? Ending Work in Process ? Total costs accounted for
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.
Production Report
Tomar Company produces vitamin energy drinks. The Mixing Department, the first process department, mixes the ingredients required for the drinks. The following data are for April:
|
Work in process, April 1 |
— |
|
Quarts started |
90,000 |
|
Quarts transferred out |
75,000 |
|
Quarts in EWIP |
15,000 |
|
Direct materials cost |
$201,000 |
|
Direct labor cost |
$165,000 |
|
|
$330,000 |
Direct materials are added throughout the process. Ending inventory is 80 percent complete with respect to direct labor and overhead.
Required:
Prepare a production report for the Mixing Department for April. If an answer is zero, enter "0".
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Tomar Company |
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Mixing Department |
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Production Report for April |
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Unit Information |
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Units to account for: |
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Units in beginning work in process |
? |
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Units started |
? |
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Total units to account for |
? |
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Units accounted for: |
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Physical Flow |
Equivalent Units |
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Units completed |
? |
? |
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Units in ending work in process |
? |
? |
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Total units accounted for |
? |
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Work completed |
? |
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Cost Information |
||
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Costs to account for: |
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Beginning, WIP |
? |
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Incurred during the period |
? |
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Total costs to account for |
? |
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Divided by Equivalent Units |
? |
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Cost per equivalent unit |
? |
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Costs accounted for: |
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Units completed and transferred out |
? |
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Ending Work in Process |
? |
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Total costs accounted for |
? |
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