Question
Question 1 Inca Inc. produces soft drinks. Mixing is the first department and its output is measured in gallons. Inca uses the FIFO method. All
Question 1
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 | 23100 gallons | |
Units completed and transferred out | 138,000 gallons | |
Units in process, July 31, 75% complete | 15100 gallons | |
Costs: | ||
Work in process, July 1 | $23,100 | |
Costs added during July | 301,000 |
Required:
1. Calculate the equivalent units for July. equivalent units
2. Calculate the unit cost. Round your answer to the nearest cent. $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 | $ |
Ending work in process | $ |
Question 2
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 | 133000 gallons | |
Units in process, July 31, 75% complete | 16000 gallons | |
Costs: | ||
Work in process, July 1 | $23,000 | |
Costs added during July | 301,000 |
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 | |
Units started | |
Total units to account for | |
Units to account for: | |
Units | |
Units started and completed | |
From beginning WIP | |
Units in ending WIP | |
Total units to account for | |
Equivalent units: | Units |
Started and completed | |
To complete beginning WIP | |
Units in ending WIP | |
Total equivalent units | |
Cost Information | |
Costs to account for: | |
Dollars | |
Costs in beginning WIP | $ |
Costs added by department | |
Total costs to account for | $ |
Cost per equivalent unit | $ |
Costs accounted for: | |
Total | |
Transferred out: | |
Units started and completed | $ |
Units in beginning work in process: | |
From prior period | |
From current period | |
Total cost transferred out | $ |
Goods in ending work in process | |
Total costs accounted for | $ |
Question 3
Nonuniform Inputs, Equivalent Units
Terry Linens Inc. manufactures bed and bath linens. The bath linens department sews terry cloth into towels of various sizes. Terry uses the weighted average method. All materials are added at the beginning of the process. The following data are for the bath linens department for August:
Production: | |
Units in process, August 1, 25% complete* | 13,500 |
Units completed and transferred out | 64,000 |
Units in process, August 31, 66% complete* | 35,750 |
* With respect to conversion costs. |
Required:
Calculate equivalent units of production for the bath linens department for August.
Materials ??????? | equivalent units of production |
Conversion ??????? | equivalent units of production |
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