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AccountingManagerial Accounting: The Cornerstone of Business Decision-Making7th Edition

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Chapter 6, Problem 68P
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 1MCQ
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Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
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Problem 10MCQ
Problem 11MCQ
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Problem 13MCQ
Problem 14MCQ
Problem 15MCQ
Problem 16MCQ
Problem 17MCQ
Problem 18MCQ
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Problem 20MCQ
Problem 21BEA
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Problem 23BEA
Problem 24BEA
Problem 25BEA
Problem 26BEA
Problem 27BEA
Problem 28BEA
Problem 29BEA
Problem 30BEA
Problem 31BEB
Problem 32BEB
Problem 33BEB
Problem 34BEB
Problem 35BEB
Problem 36BEB
Problem 37BEB
Problem 38BEB
Problem 39BEB
Problem 40BEB
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Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
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Problem 49E
Problem 50E
Problem 51E
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Problem 54E
Problem 55E
Problem 56P
Problem 57P
Problem 58P
Problem 59P
Problem 60P
Problem 61P
Problem 62P
Problem 63P
Problem 64P
Problem 65P
Problem 66P
Problem 67P
Problem 68P
Problem 69C
Problem 70C
Problem 71C
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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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(Appendix 6A) First-In, First-Out Method

Refer to Problem 6-67.

Required:

Prepare a production report for the mixing and encapsulating departments using the FIFO method. (Note: Round the unit cost to four decimal places.) (Hint: For the second department, you must convert gallons to capsules.)

To determine

Make production report of Company BP by applying FIFO method.

Explanation

Production Report:

The document comprises all the activities of process department related to manufacturing which occurs; in a particular period of time is called production report. It helps to identify the efficiency of process department.

Prepare production report of company M as shown below:

Company BP
Mixing Department
Production Report for March Month
FIFO Method

Unit Information

Physical Flow:
Units to accounts for:UnitsUnits to accounted for:Units
Units in BWIP10Unit started and completed130
Units started150From BWIP10
  Units in EWIP20
Total units to account for160Total units accounted for160
  
Equivalent Units 
Started and completed130
To complete BWIP (10 gallons×0.60)6
Units in EWIP (20 gallons×0.50)10
Total equivalent units146
Cost Information
Cost to account for:

Material

(In$)

Conversion

(In$)

Total

(In$)

Cost in BWIP2528461,098
Cost added by department3,63613,85417,490
Total cost to account for:3,88814,70018,588
Cost per equivalent unit  $119.7945
  
Costs to account for:Transferred out (In $)

EWIP

(In $)

Total

(In $)

Transferred out: 
Units started and completed (130 gallons×$119.45)15,573 15573
Units in BWIP:   
From prior period1,098 1,098
From current period (6 gallons×$119.7495)719 719
Goods in EWIP (10 units×$119.7495) 11981198
Total cost accounted for:17,3901,19818,588

Table (1)

Therefore, cost per equivalent unit, equivalent units and total cost are $119.7495, 146 gallons and $18,588 respectively

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Ch-6 P-1DQCh-6 P-2DQCh-6 P-3DQCh-6 P-4DQCh-6 P-5DQCh-6 P-6DQCh-6 P-7DQCh-6 P-8DQCh-6 P-9DQCh-6 P-10DQ
Ch-6 P-11DQCh-6 P-12DQCh-6 P-13DQCh-6 P-14DQCh-6 P-1MCQCh-6 P-2MCQCh-6 P-3MCQCh-6 P-4MCQCh-6 P-5MCQCh-6 P-6MCQCh-6 P-7MCQCh-6 P-8MCQCh-6 P-9MCQCh-6 P-10MCQCh-6 P-11MCQCh-6 P-12MCQCh-6 P-13MCQCh-6 P-14MCQCh-6 P-15MCQCh-6 P-16MCQCh-6 P-17MCQCh-6 P-18MCQCh-6 P-19MCQCh-6 P-20MCQCh-6 P-21BEACh-6 P-22BEACh-6 P-23BEACh-6 P-24BEACh-6 P-25BEACh-6 P-26BEACh-6 P-27BEACh-6 P-28BEACh-6 P-29BEACh-6 P-30BEACh-6 P-31BEBCh-6 P-32BEBCh-6 P-33BEBCh-6 P-34BEBCh-6 P-35BEBCh-6 P-36BEBCh-6 P-37BEBCh-6 P-38BEBCh-6 P-39BEBCh-6 P-40BEBCh-6 P-41ECh-6 P-42ECh-6 P-43ECh-6 P-44ECh-6 P-45ECh-6 P-46ECh-6 P-47ECh-6 P-48ECh-6 P-49ECh-6 P-50ECh-6 P-51ECh-6 P-52ECh-6 P-53ECh-6 P-54ECh-6 P-55ECh-6 P-56PCh-6 P-57PCh-6 P-58PCh-6 P-59PCh-6 P-60PCh-6 P-61PCh-6 P-62PCh-6 P-63PCh-6 P-64PCh-6 P-65PCh-6 P-66PCh-6 P-67PCh-6 P-68PCh-6 P-69CCh-6 P-70CCh-6 P-71C

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