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, 40% complete 20,000 gallons Units completed and transferred out 134,000 gallons Units in process, July 31, 55% complete 20,000 gallons Costs: Work in process, July 1 $40,000 Costs added during July 369,900 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 fill in the blank 1 Units started fill in the blank 2 Total units to account for fill in the blank 3 Units to account for: Units Units started and completed fill in the blank 4 From beginning WIP fill in the blank 5 Units in ending WIP fill in the blank 6 Total units to account for fill in the blank 7 Equivalent units: Units Started and completed fill in the blank 8 To complete beginning WIP fill in the blank 9 Units in ending WIP fill in the blank 10 Total equivalent units fill in the blank 11 Cost Information Costs to account for: Dollars Costs in beginning WIP $fill in the blank 12 Costs added by department fill in the blank 13 Total costs to account for $fill in the blank 14 Cost per equivalent unit $fill in the blank 15 Costs accounted for: Total Transferred out: Units started and completed $fill in the blank 16 Units in beginning work in process: From prior period fill in the blank 17 From current period fill in the blank 18 Total cost transferred out $fill in the blank 19 Goods in ending work in process fill in the blank 20 Total costs accounted for $fill in the blank 21

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 42P: Larkin Company produces leather strips for western belts using three processes: cutting, design and...

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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, 40% complete		20,000 gallons
Units completed and transferred out		134,000 gallons
Units in process, July 31, 55% complete		20,000 gallons
Costs:
Work in process, July 1		$40,000
Costs added during July		369,900

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	fill in the blank 1
Units started	fill in the blank 2
Total units to account for	fill in the blank 3
Units to account for:
	Units
Units started and completed	fill in the blank 4
From beginning WIP	fill in the blank 5
Units in ending WIP	fill in the blank 6
Total units to account for	fill in the blank 7
Equivalent units:	Units
Started and completed	fill in the blank 8
To complete beginning WIP	fill in the blank 9
Units in ending WIP	fill in the blank 10
Total equivalent units	fill in the blank 11
Cost Information
Costs to account for:
	Dollars
Costs in beginning WIP	$fill in the blank 12
Costs added by department	fill in the blank 13
Total costs to account for	$fill in the blank 14
Cost per equivalent unit	$fill in the blank 15
Costs accounted for:
	Total
Transferred out:
Units started and completed	$fill in the blank 16
Units in beginning work in process:
From prior period	fill in the blank 17
From current period	fill in the blank 18
Total cost transferred out	$fill in the blank 19
Goods in ending work in process	fill in the blank 20
Total costs accounted for	$fill in the blank 21

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