60.1K

Verified Solution

Link Copied!

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 22,000 gallons Units completed and transferred out 142,000 gallons Units in process, July 31, 45% complete 24,000 gallons Costs: Work in process, July 1 $44,000 Costs added during July 360,000 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 22,000 Aztec Inc. Mixing Department Production Report For the Month of July (FIFO Method) Unit Information Physical flow: Units to account for: Units in beginning WIP Units started Units 22,000 Total units to account for Units to account for: Units Units started and completed From beginning WIP Units in ending WIP Units Total units to account for Equivalent units: Started and completed To complete beginning WIP Units in ending WIP Total equivalent units Cost Information Costs to account for: Dollars Costs in beginning WIP Costs added by department 200) Total costs to account for Cost per equivalent unit Costs accounted for: Total Transferred out: Units started and completed Units in beginning work in process: From prior period From current period Total cost transferred out Goods in ending work in process Total costs accounted for

Answer & Explanation Solved by verified expert

See Answer