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Please help with this problem if you could solve on excel and screenshot that would be awesome.
A bottling company bottles soft drinks using a process cost system. Following are cost and production data for the mixing department for June: The June 30 inventory was 100% complete as to materials and 30% complete as to conversion. Prepare a production cost report for the month ended June 30 using the average cost method.
Expert Answer
Production cost report
| Floor of Units: | |||
| Physical units | Equivalent Units | ||
| Material Costs |
Conversion Costs |
||
| Units to be accounted for: | |||
| In WIP beginning inventory | 56000 | ||
| Units started this period | 133000 | ||
| Total units to account for | 189000 | ||
| Units accounted for: | |||
| Completed and transferred out | 126000 | 126000 | 126000 |
| In WIP ending inventory | 63000 | 63000 | 18900 |
| Total units accounted for | 189000 | 189000 | 144900 |
| Floor of Costs: | |||
| Total | Material Costs |
Conversion Costs |
|
| Costs to be accounted for | |||
| Costs in WIP beginning inventory | $27860 | $11620 | $16240 |
| Current period costs | 71680 | 29960 | 41720 |
| Total costs to be accounted for | $99540 | $41580 | $57960 |
| Costs per equivalent unit | $0.22 | $0.40 | |
| Costs accounted for: | |||
| Costs assigned to transferred-out units | $78120 | $27720 | $50400 |
| Costs assigned to WIP ending inventory | 21420 | 13860 | 7560 |
| Total costs accounted for | $99540 | $41580 | $57960 |
