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	32,000
Units completed and transferred out	49,000
Units in process, April 30, 20% complete	12,000
Costs:
WIP, April 1	$ 90,600
Costs added during April	413,120

Required:

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.
Cooking Department Production Report
For the Month of April (Weighted Average Method)
Unit Information
Physical flow:
Units to account for:			Units
Units in beginning work in process
Units started
Total units to account for
Units accounted for:			Units
Units completed
Units in ending work in process
Total units accounted for
Equivalent units:
			Units
Units completed
Units in ending work in process
Total equivalent units
Cost Information
Costs to account for:
			Dollars
Costs in beginning work in process			$
Costs added by department
Total costs to account for			$
Cost per equivalent unit			$
Costs accounted for:
	Transferred Out	Ending Work in Process	Total
Goods transferred out	$		$
Goods in ending work in process		$
Total costs accounted for	$	$	$

Answer 1

	Mino Inc.
	Cooking Department Production Report
	For the Month of April (Weighted Average Method)
	Unit Information
	Physical flow:
	Units to account for:			Units
	Units in beginning work in process			32000			Units Completed	49000
	Units started			29000			Add: Closing WIP	12000
	Total units to account for			61000			Less: Opening WIP	32000
	Units accounted for:			Units			Units Started	29000
	Units completed			49000
	Units in ending work in process			12000
	Total units accounted for			61000
	Equivalent units:
				Units
	Units completed			49000
	Units in ending work in process			2400	12000*20%
	Total equivalent units			51400
	Cost Information
	Costs to account for:
				Dollars
	Costs in beginning work in process			90600
	Costs added by department			413120
	Total costs to account for			503720
	Cost per equivalent unit			9.80	(503720/51400)
	Costs accounted for:
		Transferred Out	Ending Work in Process	Total
	Goods transferred out	480200		480200	(49000*9.80)
	Goods in ending work in process		23520	23520	(2400*9.80)
	Total costs accounted for	480200	23520	503720