Question

Production Report, Weighted Average Mino Inc. manufactures chocolate syrup in three departments: Cooking, Mixing, and Bottling. Mino uses the weighted average method. The following are cost and production data for the cooking department for April (Note: Assume that units are measured in gallons.): Production: Units in process, April 1, 60% complete 5,000 Units completed and transferred out 44.500 Units in process, April 30, 20% complete Costs: $ 90,600 WIP, April 1 Costs added during April Required: 348,120 Prepare a production report for the cooking department. Round cost per equivalent unit value to the nearest cent and use rounded value in intermediate calculations. Mino Inc.

Answer 1

Answer

• Elements of Production report

Total Cost to account for:
Cost of beginning WIP	$                      90,600.00
Costs incurred this period	$                    348,120.00
Total Cost to account for	$                    438,720.00
Total costs accounted for	$                    438,720.00
Difference due to rounding cost/unit	$                                      -
Units Reconciliation
Units to account for:
Beginning WIP	35,000
Units started this period	15,500
Total Units to account for	50,500
Total Units accounted for:
Completed & Transferred out	44,500
Ending WIP	6,000
Total Units accounted for	50,500

EUP - Weighted Average Method	Units	% complete	EUP
Units TRANSFERRED	44,500	100%	44,500
Units of ENDING WIP	6,000	20%	1,200
Equivalent Units of Production			45,700
COST per EUP
Cost of Beginning WIP			$          90,600.00
Cost incurred during the period			$        348,120.00
Total Costs		Costs	$        438,720.00
Equivalent units of production		EUP	45,700
Cost per EUP			$              9.60000

	EUP	Cost per EUP	Total Cost
Cost of Units Transferred Out	44,500	$                      9.60	$        427,200.00
Total Cost transferred Out				$            427,200.00
	EUP	Cost per EUP	Total Cost
Cost of ending WIP	1,200	$                      9.60	$          11,520.00
Total cost of ending WIP				$              11,520.00
Total costs accounted for					$                                438,720.00