Production Report, Weighted AverageMino 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% completeUnits completed and transferred outUnits in process, April 30, 20% completeCosts:WIP, April 1Costs added during AprilRequired:26,00040,0007,500$ 80,600280,450Prepare a production report for the cooking department. Round cost per equivalent unit value to the nearest cent and use rounded valuein intermediate calculations.

With that in mind, let's use the weighted average technique to break down the processes and…

Answered: Production Report, Weighted Average…

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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Computing EUP, assigning costs, with beginning WIP, no costs transferred in Shea Winery in Pleasant Valley, New York, has two departments: Fermenting and packaging. Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the packaging process (bottles). Conversion costs are added evenly throughout each process. The company uses the weight-average method. Data from the month of March for the Fermenting Department are as follows: Requirements Compute the Fermenting Departments equivalent units of production for direct materials and for conversion costs. Compute the total costs of the units (gallons) completed and transferred out to the Packaging Department. in the Fermenting Department ending Work-in-Process Inventory.
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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…
Weighted Average Method, Unit Cost, Valuation of Goods Transferred Out and Ending Work in Process Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Direct Materials Units completed Units, ending work in process Percentage complete: 8,000 x 100% 8,000 x 50% 4,000 Equivalent units of output 31,000 Costs assigned to beginning work in process: direct materials, $80,000; conversion costs, $45,750, Manufacturing costs incurred during April: direct materials, $95,000, conversion costs, $210,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. If required, round your answer to the nearest cent. per equivalent unit 2. Determine the cost of ending work in process and the cost of goods transferred out. Cost of ending work in process Cost of goods transferred out 27,000 8,000 Conversion Costs 27,000 35,000
The product of Pili Co. passes through three producing departments namely, A, B, C. The departmental unit costs for April and May are as follows: Dept A Dept B Dept C April 5 8 4 May 5.80 7.50 4.30 As of May 31, there are 10,000 units in process in Dept C, 1/2 done. They were placed in process in Dept A in April, transferred to Dept B in May, and then to Dept C in May. Assuming that these 10,000 units comprise the only work in process inventory for each of the last three months, how much must be their accumulated cost?
Giddings Pharmaceutical Company is a maker of drugs for high blood pressure and uses a process costing system. The following information pertains to the final department of Giddings's blockbuster drug called Solcax. Beginning work-in-process (40% completed) Transferred-in Normal spoilage Abnormal spoilage Good units transferred out Ending work-in-process (1/3 completed) Conversion costs in beginning inventory Current conversion costs What are the equivalent units for conversion costs? Multiple Choice Giddings calculates separate costs of spoilage by computing both normal and abnormal spoiled units. Normal spoilage costs are reallocated to good units and abnormal spoilage costs are charged as a loss. The units of Solcax that are spoiled are the result of defects not discovered before inspection of finished units. Materials are added at the beginning of the process. Using the weighted-average method, answer the following question: O ) 5,080 units. 5,800 units. 1,000 units 4,800 units…
Sunland Furniture Company manufactures living room furniture through two departments: Framing and Upholstering. The company uses the weighted-average method. Materials are entered at the beginning of each process. For May, the following cost data are obtained from the two work in process accounts. Work in process, May 1 Materials Conversion costs Costs transferred in Costs transferred out Work in process, May 31 (a) Framing 407,000 Save for Later $0 168.000 Answer the following questions. 320,000 0 114,000 Unit cost of materials for May Upholstering $ $? ? 320,000 320,000 If 3,700 sofas were started into production on May 1 and 2,000 sofas were transferred to Upholstering, what was the unit cost of materials for May in the Framing Department? ? ? Attempts: 0 of 1 used Submit Answer
Subject: Cost Accounting
Equivalent Units of Production: Assigning Costs; Cost Reconciliation Report—FIFO Method Selzik Company makes super-premium cake mixes that go through two processing departments—Blending and Packaging. The following activity was recorded in the Blending Department during July: All materials are added at the beginning of work in the Blending Department. The company uses the FIFO method in its process costing system. Required: 1. Calculate the Blending Department’s equivalent units of production for materials and conversion for July. 2. Calculate the Blending Department’s cost per equivalent unit for materials and conversion for July. 3. Calculate the Blending Department’s cost of ending work in process inventory for materials, conversion, and in total for July. 4. Calculate the Blending Department’s cost of units transferred out to the next department for materials, conversion, and in total for July. 5. Prepare a cost reconciliation report for the Blending Department for July.
Weighted Average Method, Unit Cost, Valuing Inventories Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data: Units in process, January 1, 60% complete 108,000 pints Units completed and transferred out 720,000 pints Units in process, January 31, 40% complete 225,000 pints Costs: Work in process, January 1 $162,000 Costs added during January 1,053,000 Required: 1. Using the weighted average method, calculate the equivalent units for January._______________equivalent units 2. Calculate the unit cost for January. Round your answer to the nearest cent.$____________ per unit
AAA Inc. produces chocolate cakes in one standard size it follows a stage of production from mixing, baking, and decorating It observes average costing. All materials are added at the start of in the mixing and decorating stage while no materials are added in the baking stage. At the start of the month of June, the following information are available June Beginning Mixing Baking Decorating Units 500 1,000 100 Materials cost 2,500 200 Conversion cost Cost for previous process 5,000 9,000 2,000 10,000 2,000 At the end of the month of June, the following information are available June Beginning Mixing Baking Decorating Units 600 900 200 Percentage complete 50% 80% 60% Within the month of June, a total of 3,000 units were started and the total cost spent for the entire month are as follows: Month of June Materials cost Conversion cost Mixing Baking Decorating 15,000 6,000 7,060 11,000 28,200 Waste and spoilage are ignored in this process. Requirement: Prepare a cost of production report…

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