Business, 27.07.2021 23:50 Joxnny8757

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 18,000 gallons
Units completed and transferred out 141,000 gallons
Units in process, July 31, 45% complete 16,000 gallons
Costs:
Work in process, July 1 $36,000
Costs added during July 398,460

Required:
Prepare a production report.

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Answer from: lovebug7685

Aztec Inc.

Mixing Department

Production Report

For the month of July

Equivalent units of production:

Beginning work in process 18,000 7,200 (40%)

Units started and completed 139,000 139,000 (100%)

Ending work in process 16,000 7,200 (45%)

Total equivalent units of production 153,400

Cost per equivalent unit:

Costs added during July $398,460

Equivalent units 153,400

Cost per equivalent unit = $2.60 ($398,460/153,400)

Cost to be accounted for:

Work in process, July 1 $36,000

Costs added during July 398,460

Total costs to be accounted for $434,460

Costs assigned:

Beginning work in process = $18,720 (7,200 * $2.60)

Units started and completed = $361,400 (139,000 * $2.60)

Ending work in process = $18,720 (7,200 * $2.60)

Costs assigned to:

Units completed and transferred out:

Beginning work in process costs:

60% completion = $36,000

40% completion = 18,720

Units started and

completed in July = 361,400

Total costs assigned to

units transferred out = $416,120

Cost of ending work in process = 18,720

Total costs assigned = $434,840

Explanation:

a) Data and Calculations:

FIFO Method

Units Degree of Completion

July 1 work in process 18,000 60%

Units transferred out 141,000

July 31 work in process 16,000 45%

Production units available 157,000

Beginning work in process 18,000 40% to be completed

Units started and completed 139,000 100%

Answer from: Quest

answer; /// i believe the correct answer is first in, first out(fifo); //

Answer from: Quest

a. $48.75

is the answer to your question

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Aztec Inc. produces soft drinks. Mixing is the first department, and its output is measured in gallo...

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