Production Report, Weighted Average Cochabamba Inc. manufactures chocolate syrup in three departments: Cooking, Mixing, and Bottling. Cochabamba 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.): Line Item Description Numerical Data Production:   Units in process, April 1, 60% complete 50,000 Units completed and transferred out 125,000 Units in process, April 30, 20% complete 25,000 Costs:   WIP, April 1 $234,000 Costs added during April 786,500 Required: Download Excel spreadsheet Prepare a production report for the cooking department. Round cost per equivalent unit value to the nearest cent and use rounded value in intermediate calculations. CochabambaCooking Department Production ReportFor the Month of April (Weighted Average Method) Unit Information           Physical flow:       Units to account for: Units Units Units     Units in beginning work in process     fill in the blank 1 of 22     Units started     fill in the blank 2 of 22       Total units to account for     fill in the blank 3 of 22 Units accounted for: Units Units Units     Units completed     fill in the blank 4 of 22     Units in ending work in process     fill in the blank 5 of 22       Total units accounted for     fill in the blank 6 of 22 Equivalent units: Units Units Units     Units completed     fill in the blank 7 of 22     Units in ending work in process     fill in the blank 8 of 22       Total equivalent units     fill in the blank 9 of 22 Cost Information           Costs to account for: Amount Amount Amount     Costs in beginning work in process     fill in the blank 10 of 22$     Costs added by department     fill in the blank 11 of 22       Total costs to account for     fill in the blank 12 of 22$ Cost per equivalent unit     fill in the blank 13 of 22$     Costs accounted for: Transferred Out Ending Work in Process Total Goods transferred out fill in the blank 14 of 22$ fill in the blank 15 of 22$ fill in the blank 16 of 22$ Goods in ending work in process fill in the blank 17 of 22 fill in the blank 18 of 22 fill in the blank 19 of 22 Total costs accounted for fill in the blank 20 of 22$ fill in the bla

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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.