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.): Production: Units in process, April 1, 60% complete 27,500 Units completed and transferred out 49,000 Units in process, April 30, 20% complete 9,000 Costs: WIP, April 1 $ 80,600 Costs added during April 376,600 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. Mino Inc. Cooking Department Production Report For the Month of April (Weighted Average Method) Unit Information Physical flow: Units to account for: Units Units in beginning work in process fill in the blank 1 Units started fill in the blank 2 Total units to account for fill in the blank 3 Units accounted for: Units Units completed fill in the blank 4 Units in ending work in process fill in the blank 5 Total units accounted for fill in the blank 6 Equivalent units: Units Units completed fill in the blank 7 Units in ending work in process fill in the blank 8 Total equivalent units fill in the blank 9 Cost Information Costs to account for: Dollars Costs in beginning work in process $fill in the blank 10 Costs added by department fill in the blank 11 Total costs to account for $fill in the blank 12 Cost per equivalent unit $fill in the blank 13 Costs accounted for: Transferred Out Ending Work in Process Total Goods transferred out $fill in the blank 14 $fill in the blank 15 Goods in ending work in process $fill in the blank 16 fill in the blank 17 Total costs accounted for $fill in the blank 18 $fill in the blank 19 $fill in the blank 20

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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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.):

Production:
Units in process, April 1, 60% complete	27,500
Units completed and transferred out	49,000
Units in process, April 30, 20% complete	9,000
Costs:
WIP, April 1	$ 80,600
Costs added during April	376,600

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.

Mino Inc.
Cooking Department Production Report
For the Month of April (Weighted Average Method)
Unit Information
Physical flow:
Units to account for:	Units
Units in beginning work in process	fill in the blank 1
Units started	fill in the blank 2
Total units to account for	fill in the blank 3
Units accounted for:	Units
Units completed	fill in the blank 4
Units in ending work in process	fill in the blank 5
Total units accounted for	fill in the blank 6
Equivalent units:
	Units
Units completed	fill in the blank 7
Units in ending work in process	fill in the blank 8
Total equivalent units	fill in the blank 9
Cost Information
Costs to account for:
	Dollars
Costs in beginning work in process	$fill in the blank 10
Costs added by department	fill in the blank 11
Total costs to account for	$fill in the blank 12
Cost per equivalent unit	$fill in the blank 13
Costs accounted for:
	Transferred Out	Ending Work in Process	Total
Goods transferred out	$fill in the blank 14		$fill in the blank 15
Goods in ending work in process		$fill in the blank 16	fill in the blank 17
Total costs accounted for	$fill in the blank 18	$fill in the blank 19	$fill in the blank 20