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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Unit Information with BWIP, FIFO Method Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is measured in ounces. The production data for July are as follows: Production: Units in process, July 1, 60% complete* Units completed and transferred out Units in process, July 31, 80% complete* * With respect to conversion costs. 11,000 88,000 15,100
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…
Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffe beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work In Process-Roasting Department ACCOUNT NO. Balance Date Item July 1 Bal., 30,000 units, 10% completed 31 Direct materials, 155,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 149,000 units 31 Bal., 2 units, 45% completed Required: Debit 620,000 90,000 33,272 Credit Debit 121,800 741,800 831,800 865,072 Credit 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Roasting Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to the nearest cent. Hana Coffee Company Cost of Production Report-Roasting Department For the Month Ended July 31
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 Conversion Costs Units completed 25,000 25,000 Units, ending work in process × Percentage complete: 7,000 × 100% 7,000 — 7,000 × 50% — 3,500 Equivalent units of output 32,000 28,500 Costs assigned to beginning work in process: direct materials, $80,000; conversion costs, $15,125. Manufacturing costs incurred during April: direct materials, $80,000; conversion costs, $220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. If required, round your answer to the nearest cent. $fill in the blank 1 per equivalent unit 2. Determine the cost of ending…
Required: a. Hillger Paints production cycle starts in Department A. The following information is available for April: Work in process, April 1 (30% complete) Units 125,000 405,000 67,000 Started in April Work in process, April 30 (70% complete) Materials are added at the beginning of the process in Department A. Using the weighted-average method, what are the equivalent units of production for the month of April? Multiple Choice Materials 347,000; Conversion 372,500 Materials 347,000; Conversion 395,100 Materials 458,000; Conversion 420,500 Materials 530,000; Conversion 509,900 None of the options are correct Check my work
Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for October: All materials are added at the beginning of the process. Beginning work in process had 80,500 units, 30 percent complete with respect to conversion costs. Ending work in process had 14,000 units, 40 percent complete with respect to conversion costs. Started in process, 91,000 units. Required: 1. Prepare a physical flow schedule. Middelton Company Physical Flow Schedule Units to account for: Total units to account for Units accounted for: Units completed and transferred out: Total units accounted for 2. Compute equivalent units using the weighted average method. Weighted average method: Equivalent Units Direct Materials Conversion Costs 3.…
Cost of Production Report: Average Cost Method Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at December 31: ACCOUNT Work in Process—Roasting Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 1 Bal., 10,500 units, 75% completed 21,000 31 Direct materials, 210,400 units 246,800 267,800 31 Direct labor 135,700 403,500 31 Factory overhead 168,630 572,130 31 Goods transferred, 208,900 units ? ? 31 Bal., ? units, 25% completed ? Required: Prepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process—Roasting Department. If required, round your cost per equivalent unit answer to the nearest cent. Sunrise…
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?
Unit Information with BWIP, FIFO Method Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is measured in ounces. The production data for July are as follows: Production: Units in process, July 1, 70% complete* 10,100 Units completed and transferred out 90,000 Units in process, July 31, 80% complete* 15,000 * With respect to conversion costs. Required: Question Content Area 1. Prepare a physical flow schedule for July. Jackson ProductsPhysical Flow ScheduleFor the Month of July Units to account for: Units, beginning work is process (70% complete) Units started during July Total units to account for fill in the blank 2bb1ebfa004eff9_5 Units accounted for: Units completed and transferred out: Started and completed From beginning work in process From beginning work in…
Unit Information with BWIP, FIFO Method Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is measured in ounces. The production data for July are as follows: Production: Units in process, July 1, 60% complete* 10,100 Units completed and transferred out 80,000 Units in process, July 31, 80% complete* 15,100 * With respect to conversion costs. Required: Question Content Area 1. Prepare a physical flow schedule for July. Jackson ProductsPhysical Flow ScheduleFor the Month of July Units to account for: Total units to account for Units accounted for: Units completed and transferred out: Total units accounted for 2. Prepare an equivalent units schedule for July using the FIFO method. Enter percentages as whole numbers. If an amount box…
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Weighted Average Method, FIFO Method, Physical Flow, Equivalent Units Middelton Company manufactures a product that passes through two processes: Fabrication and Assembly. The following information was obtained for the Fabrication Department for October: All materials are added at the beginning of the process. Beginning work in process had 125,000 units, 40 percent complete with respect to conversion costs. Ending work in process had 25,000 units, 20 percent complete with respect to conversion costs. Started in process, 175,000 units. Required: Question Content Area 1. Prepare a physical flow schedule. 2. Compute equivalent units using the weighted average method. 3. Compute equivalent units using the FIFO method. 4. Suppose that the cost of direct materials in beginning work in process is $560,000 and that the direct materials cost incurred for October is…

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