FIFO; Production Report

Inca Inc. produces soft drinks. Mixing is the first department and its output is measured in gallons. Inca 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		24,000 gallons
Units completed and transferred out		141,000 gallons
Units in process, July 31, 75% complete		16,000 gallons
Costs:
Work in process, July 1		$25,700
Costs added during July		301,000

Required:

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Prepare a production report. Round all intermediate calculations and per unit amounts to the nearest cent. Round final answers to the nearest dollar or unit (except for per unit amounts). Note: "Total costs to account for" and "Total costs to account for" would be different due to rounding.

Inca Inc. Mixing Department

Production Report

For the Month of July (FIFO Method)

Unit Information

Physical flow:

Units to account for:	Units
Units in beginning WIP	Correct 7
Units started	Correct 9
Total units to account for	Correct 11

Units to account for:

	Units
Units started and completed	Correct 14
From beginning WIP	Correct 16
Units in ending WIP	Correct 18
Total units to account for	Correct 20
Equivalent units:	Units
Started and completed	Correct 24
To complete beginning WIP	Correct 26
Units in ending WIP	Correct 28
Total equivalent units	Correct 30

Cost Information

Costs to account for:

	Dollars
Costs in beginning WIP	$ Correct 33
Costs added by department	Correct 35
Total costs to account for	$ Correct 37
Cost per equivalent unit	$ Correct 39

Costs accounted for:

	Total
Transferred out:
Units started and completed	$ Correct 43
Units in beginning work in process:
From prior period	Correct 46
From current period	Correct 48
Total cost transferred out	$ Correct 50
Goods in ending work in process	Correct 52
Total costs accounted for	$ Correct 54