Managerial Accounting: The Cornerstone of Business Decision-Making
7th Edition
ISBN: 9781337115773
Author: Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher: Cengage Learning
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Chapter 6, Problem 29BEA
Use the following information for Brief Exercises 6-29 and 6-30:
Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All
6-29 (Appendix 6A) First-In, First-Out Method; Equivalent Units
Refer to the information for Aztec Inc. on the previous page.
Required:
- 1. Calculate the equivalent units for July.
- 2. Calculate the unit cost. (Note: Round to two decimal places.)
- 3. Assign costs to units transferred out and EWIP using the FIFO method.
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FIFO; Production ReportRefer to the information for Aztec Inc. on the previous page.Required:Prepare a production report.
Chapter 6 Solutions
Managerial Accounting: The Cornerstone of Business Decision-Making
Ch. 6 - Describe the differences between process costing...Ch. 6 - Prob. 2DQCh. 6 - What are the similarities in and differences...Ch. 6 - Prob. 4DQCh. 6 - How would process costing for services differ from...Ch. 6 - How does the adoption of a JIT approach to...Ch. 6 - What are equivalent units? Why are they needed in...Ch. 6 - Under the weighted average method, how are...Ch. 6 - Prob. 9DQCh. 6 - Prob. 10DQ
Ch. 6 - Prob. 11DQCh. 6 - How is the equivalent unit calculation affected...Ch. 6 - Prob. 13DQCh. 6 - Prob. 14DQCh. 6 - Process costing works well whenever a....Ch. 6 - Job-order costing works well whenever a....Ch. 6 - Prob. 3MCQCh. 6 - To record the transfer of costs from a prior...Ch. 6 - The costs transferred from a prior process to a...Ch. 6 - During the month of May, the grinding department...Ch. 6 - Use the following information for Multiple-Choice...Ch. 6 - Use the following information for Multiple-Choice...Ch. 6 - Use the following information for Multiple-Choice...Ch. 6 - During May, Kimbrell Manufacturing completed and...Ch. 6 - During June, Kimbrell Manufacturing completed and...Ch. 6 - For August, Kimbrell Manufacturing has costs in...Ch. 6 - For September, Murphy Company has manufacturing...Ch. 6 - During June, Faust Manufacturing started and...Ch. 6 - During July, Faust Manufacturing started and...Ch. 6 - Assume for August that Faust Manufacturing has...Ch. 6 - For August, Lanny Company had 25,000 units in...Ch. 6 - When materials are added either at the beginning...Ch. 6 - With nonuniform inputs, the cost of EWIP is...Ch. 6 - Transferred-in goods are treated by the receiving...Ch. 6 - Basic Cost Flows Gardner Company produces 18-ounce...Ch. 6 - Equivalent Units, No Beginning Work in Process...Ch. 6 - Unit Cost, Valuing Goods Transferred Out and EWIP...Ch. 6 - Weighted Average Method, Unit Cost, Valuing...Ch. 6 - Physical Flow Schedule Golding Inc. just finished...Ch. 6 - Production Report, Weighted Average Manzer Inc....Ch. 6 - Nonuniform Inputs, Weighted Average Carter Inc....Ch. 6 - Transferred-In Cost Powers Inc. produces a protein...Ch. 6 - Use the following information for Brief Exercises...Ch. 6 - Use the following information for Brief Exercises...Ch. 6 - Basic Cost Flows Hardy Company produces 18-ounce...Ch. 6 - Equivalent Units, No Beginning Work in Process...Ch. 6 - Unit Cost, Valuing Goods Transferred Out and EWIP...Ch. 6 - Weighted Average Method, Unit Cost, Valuing...Ch. 6 - Physical Flow Schedule Craig Inc. just finished...Ch. 6 - Production Report, Weighted Average Washburn Inc....Ch. 6 - Nonuniform Inputs, Weighted Average Ming Inc. had...Ch. 6 - Transferred-In Cost Vigor Inc. produces an energy...Ch. 6 - Use the following information for Brief Exercises...Ch. 6 - Use the following information for Brief Exercises...Ch. 6 - Basic Cost Flows Linsenmeyer Company produces a...Ch. 6 - Journal Entries, Basic Cost Flows In December,...Ch. 6 - Equivalent Units, Unit Cost, Valuation of Goods...Ch. 6 - Weighted Average Method, Equivalent Units Goforth...Ch. 6 - Cassien Inc. manufactures products that pass...Ch. 6 - Weighted Average Method, Unit Costs, Valuing...Ch. 6 - Physical Flow Schedule The following information...Ch. 6 - Physical Flow Schedule Nelrok Company manufactures...Ch. 6 - Production Report, Weighted Average Mino Inc....Ch. 6 - Nonuniform Inputs, Equivalent Units Terry Linens...Ch. 6 - Unit Cost and Cost Assignment, Nonuniform Inputs...Ch. 6 - Nonuniform Inputs, Transferred-In Cost Drysdale...Ch. 6 - Transferred-In Cost Goldings finishing department...Ch. 6 - (Appendix 6A) First-In, First-Out Method;...Ch. 6 - (Appendix 6A) First-In, First-Out Method; Unit...Ch. 6 - Basic Flows, Equivalent Units Thayn Company...Ch. 6 - Steps in Preparing a Production Report Recently,...Ch. 6 - Recently, Stillwater Designs expanded its market...Ch. 6 - Equivalent Units, Unit Cost, Weighted Average...Ch. 6 - Production Report Refer to the information for...Ch. 6 - Mimasca Inc. manufactures various holiday masks....Ch. 6 - Use the following information for Problems 6-62...Ch. 6 - Use the following information for Problems 6-62...Ch. 6 - Weighted Average Method, Separate Materials Cost...Ch. 6 - Seacrest Company uses a process-costing system....Ch. 6 - Required: 1. Using the FIFO method, prepare the...Ch. 6 - Benson Pharmaceuticals uses a process-costing...Ch. 6 - (Appendix 6A) First-In, First-Out Method Refer to...Ch. 6 - Golding Manufacturing, a division of Farnsworth...Ch. 6 - AKL Foundry manufactures metal components for...Ch. 6 - Consider the following conversation between Gary...
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- Use the following information for Brief Exercises 6-29 and 6-30: Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information: 6-30 (Appendix 6A) FIFO; Production Report Refer to the information for Aztec Inc. on the previous page. Required: Prepare a production report.arrow_forwardJackson 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: With respect to conversion costs. Required: 1. Prepare a physical flow schedule for July. 2. Prepare an equivalent units schedule for July using the weighted average method. 3. What if you were asked to calculate the FIFO units beginning with the weighted average equivalent units? Calculate the weighted average equivalent units by subtracting out the prior-period output found in BWIP.arrow_forwardPowers Inc. produces a protein drink. The product is sold by the gallon. The company has two departments: Mixing and Bottling. For August, the bottling department had 60,900 gallons in beginning inventory (with transferred-in costs of $283,000) and completed 211,000 gallons during the month. Further, the mixing department completed and transferred out 295,000 gallons at a cost of $649,000 in August. Required: 1. Prepare a physical flow schedule for the bottling department. Powers Inc. Physical Flow Schedule - Bottling Department For the Month of August Physical flow schedule: Units in beginning work in process Units started during the period Total units to account for Units completed and transferred out: Units started and completed Units completed from beginning work in process Units in ending work in process Total units accounted for 2. Calculate equivalent units for the transferred-in category. equivalent units 3. Calculate the unit cost for the transferred-in category. If required,…arrow_forward
- Using the FIFO (first-in, first-out) method, (1) prepare a production cost report for the Mixing department and (2) prepare a journal entry for Mixing to transfer its costs to the next department. Round all your answers to 2 decimal places if needed.arrow_forward(Appendix 6A) First-In, First-Out Method; Equivalent Units Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallons. Aztec uses the FIFO method. All manufacturing costs are added uniformly. For July, the mixing department provided the following information: Production: Units in process, July 1, 80% complete 120,000 gallons Units completed and transferred out 690,000 gallons Units in process, July 31, 75% complete 80,000 gallons Costs: Work in process, July 1 $120,000 1,471,500 Costs added during July Required: 1. Calculate the equivalent units for July. X equivalent units 2. Calculate the unit cost. $ X per unit 3. Assign costs to units transferred out and EWIP using the FIFO method. Cost of goods transferred out Ending work in processarrow_forwardCompute for the equivalent units of production using FIFO. If you have multiple answers, separate your answers by A SPACE IN BETWEEN ANSWERS when necessary. *arrow_forward
- Stone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical Units Percent Complete for Conversion Beginning work in process 55,000 61% Ending work in process 36,000 71 Stone adds all materials at the beginning of its manufacturing process. During the month, it started 96,000 units.Required:1. Using the weighted-average method, reconcile the number of physical units.2. Using the weighted-average method, calculate the number of equivalent units.arrow_forwardPlease show all of the calculations and the correct answers for all. Please remember answer all.arrow_forwardStone Company produces carrying cases for CDs. It has compiled the following information for the month of June: Physical Units Percent Complete for Conversion Beginning work in process 44,000 54% Ending work in process 40,000 72% Stone adds all materials at the beginning of its manufacturing process. During the month, it started 93,000 units. Required: Using the weighted-average method, reconcile the number of physical units. Using the weighted-average method, calculate the number of equivalent units.arrow_forward
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