First-In, First-Out Method; Equivalent Units

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		21,800 gallons
Units completed and transferred out		138,000 gallons
Units in process, July 31, 75% complete		13,800 gallons
Costs:
Work in process, July 1		$21,800
Costs added during July		301,000

1. Calculate the equivalent units for July. _______ 130910 CORRECT_____ equivalent units

2. Calculate the unit cost. Round your answer to the nearest cent. $ ________(Not 2.11, 2.47)____?_____ per unit

3. Assign costs to units transferred out and EWIP using the FIFO method. If required, round your final answers to the nearest cent.

Cost of units transferred out (NOT 319583.20 OR 291,180)______?________

Ending work in process____(NOT 25564.50 OR 21,838.50)_____?________

5:

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		24,000 gallons
Units completed and transferred out 137,000		137,000 gallons
Units in process, July 31, 75% complete 16,000		16,000 gallons
Costs:
Work in process, July 1 23,6000		$23,600
Costs added during July 301,000		301,000

Required:

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)

Physical flow:

Units to account for: Units
Units in beginning WIP 24,000
Units started 129,000
Total units to account for 153,000

Units to account for:

Units started and completed 113,000
From beginning WIP 24,000
Units in ending WIP 16,000
Total units to account for 153,000
Equivalent units: ____? (Not 13,000)______
Started and completed 120,200
To complete beginning WIP 4,800
Units in ending WIP 12,000
Total equivalent units 137,000

Cost Information

Costs to account for:

Dollars
Costs in beginning WIP 23,600
Costs added by department 301,000
Total costs to account for 324,600
Cost per equivalent unit ______?_____(NOT 2.37, OR 2.50)

Costs accounted for:

Total
Transferred out:
Units started and completed ______?_____ NOT 284,874, OR 282500
Units in beginning work in process:
From prior period 23,600
From current period ______?_____ NOT 11,376 OR 12000
Total cost transferred out ______?_____ NOT 319,850 OR 318100
Goods in ending work in process ______?_____ NOT 28,840 OR 30000
Total costs accounted for ______?_____ NOT 348,290 OR 348100

FirstIn, FirstOut Method; Equivalent Units 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 21,800 gallons Units completed and transferred out 138,000 gallons Units in process, July 31, 75% complete 13,800 gallons Costs: Work in process, July 1 $21,800 Costs added during July 301,000 1. Calculate the equivalent units for July. _______ 130910 CORRECT_____ equivalent units 2. Calculate the unit cost. Round your answer to the nearest cent. $ ________(Not 2.11, 2.47)____?_____ per unit 3. Assign costs to units transferred out and EWIP using the FIFO method. If required, round your final answers to the nearest cent. Cost of units transferred out (NOT 319583.20 OR 291,180)______?________ Ending work in process____(NOT 25564.50 OR 21,838.50)_____?________ 5: 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 Units completed and transferred out 137,000 Units in process, July 31, 75% complete 16,000 Costs: Work in process, July 1 23,6000 Costs added during July 301,000 Required: 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) Physical flow: Units to account for: Units Units in beginning WIP 24,000 Units started 129,000 Total units to account for 153,000 Units to account for: Units started and completed 113,000 From beginning WIP 24,000 Units in ending WIP 16,000 Total units to account for 153,000 Equivalent units: ____? (Not 13,000)______ Started and completed 120,200 To complete beginning WIP 4,800 Units in ending WIP 12,000 Total equivalent units 137,000 Cost Information Costs to account for: Dollars Costs in beginning WIP 23,600 Costs added by department 301,000 Total costs to account for 324,600 Cost per equivalent unit ______?_____(NOT 2.37, OR 2.50) Costs accounted for: Total Transferred out: Units started and completed ______?_____ NOT 284,874, OR 282500 Units in beginning work in process: From prior period 23,600 From current period ______?_____ NOT 11,376 OR 12000 Total cost transferred out ______?_____ NOT 319,850 OR 318100 Goods in ending work in process ______?_____ NOT 28,840 OR 30000 Total costs accounted for ______?_____ NOT 348,290 OR 348100