FIFO; Production Report

Inca Inc. produces soft drinks. Mixing is the first department and its output is measured in gallons. Inca 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, 80% complete		24,000 gallons
Units completed and transferred out		141,000 gallons
Units in process, July 31, 75% complete		16,000 gallons
Costs:
Work in process, July 1		$25,700
Costs added during July		301,000

Required:

Hide Prepare a production report. Round all intermediate calculations and per unit amounts to the nearest cent. Round final answers to the nearest dollar or unit (except for per unit amounts). Note: "Total costs to account for" and "Total costs to account for" would be different due to rounding. Inca 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 Correct 7 Units started Correct 9 Total units to account for Correct 11 Units to account for: Units Units started and completed Correct 14 From beginning WIP Correct 16 Units in ending WIP Correct 18 Total units to account for Correct 20 Equivalent units: Units Started and completed Correct 24 To complete beginning WIP Correct 26 Units in ending WIP Correct 28 Total equivalent units Correct 30 Cost Information Costs to account for: Dollars Costs in beginning WIP $ Correct 33 Costs added by department Correct 35 Total costs to account for $ Correct 37 Cost per equivalent unit $ Correct 39 Costs accounted for: Total Transferred out: Units started and completed $ Correct 43 Units in beginning work in process: From prior period Correct 46 From current period Correct 48 Total cost transferred out $ Correct 50 Goods in ending work in process Correct 52 Total costs accounted for $ Correct 54