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Question #2

(Appendix 6A) FIFO; Production Report 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, 60% complete 20,000 gallons Units completed and transferred out 132,000 gallons Units in process, July 31, 45% complete 24,000 gallons Costs: $40,000 Work in process, July 1 Costs added during July 353,160 Required: Prepare a production report. Aztec 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 20,000 Units started Total units to account for X Units to account for: Units Units started and completed From beginning WIP Units in ending WIP Total units to account for Units Equivalent 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 Weighted Average Method, Unit Cost, Valuing Inventories Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data: Units in process, January 1, 60% complete 196,000 pints Units completed and transferred out 680,000 pints Units in process, January 31, 40% complete 235,000 pints Costs: Work in process, January 1 $392,000 Costs added during January 1,156,000 Required: 1. Using the weighted average method, calculate the equivalent units for January. 774,000 equivalents units 2. Calculate the unit cost for January. Round your answer to the nearest cent. $ 2 per unit 3. Assign costs to units transferred out and EWIP. Cost of goods transferred out 1,360,000 Ending work in process (EWIP) 117,600 x