Production Report, Weighted Average Mino Inc. manufactures chocolate syrup in th

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.):

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.

Total units to account for

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

Explanation / Answer

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

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