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Mino Pty Ltd manufactures chocolate syrup in three departments: Cooking, Mixing and Bottling
Mino Pty Ltd 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 litres.) Production: 80 000 200 000 40 000 Units in process, 1 April, 60% complete Units completed and transferred out Units in process, 30 April, 20% complete Costs: WIP, 1 April Costs added during April $ 93 600 314 600 Required: Prepare a production report for the Cooking department.
Expert Solution
Solution
Mino Pty Ltd
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 | 80,000 | Units Completed | 200,000 | ||||||
| Units started | 160,000 | Add: Closing WIP | 40,000 | ||||||
| Total units to account for | 240,000 | Less: Opening WIP | 80,000 | ||||||
| Units accounted for: | Units | Units Started | 160,000 | ||||||
| Units completed | 200,000 | ||||||||
| Units in ending work in process | 40,000 | ||||||||
| Total units accounted for | 240,000 | ||||||||
| Equivalent units: | |||||||||
| Units | |||||||||
| Units completed | 200,000 | ||||||||
| Units in ending work in process | 8,000 | 40,000*20% | |||||||
| Total equivalent units | 208,000 | ||||||||
| Cost Information | |||||||||
| Costs to account for: | |||||||||
| Dollars | |||||||||
| Costs in beginning work in process | 93,600 | ||||||||
| Costs added by department | 314,600 | ||||||||
| Total costs to account for | 408,200 | ||||||||
| Cost per equivalent unit | 1.9625 | (408,200/208,000) | |||||||
| Costs accounted for: | |||||||||
| Transferred Out | Ending Work in Process | Total | |||||||
| Goods transferred out | 392,500 | 392,500 | (200,000*1.9625) | ||||||
| Goods in ending work in process | 15,700 | 15,700 | (8,000*1.9625) | ||||||
| Total costs accounted for | 392,500 | 15,700 | 408,200 | ||||||
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