Reference no: EM133135427
Question - Florida Beach Company manufactures sunscreen, called NoTan, in 11-ounce plastic bottles. NoTan is sold in a competitive market. As a result, management is very cost-conscious. NoTan is manufactured through two processes: mixing and filling. Materials are entered at the beginning of each process, and labor and manufacturing overhead occur uniformly throughout each process. Unit costs are based on the cost per gallon of NoTan using the weighted-average costing approach.
On June 30, 2017, Mary Ritzman, the chief accountant for the past 20 years, opted to take early retirement. Her replacement, Joe Benili, had extensive accounting experience with motels in the area but only limited contact with manufacturing accounting. During July, Joe correctly accumulated the following production quantity and cost data for the Mixing Department.
Production quantities:
Work in process, July 1, 8,000 gallons 75% complete;
Started into production, 100,000 gallons;
Work in process, July 31, 5,000 gallons 20% complete.
Materials are added at the beginning of the process.
Production costs: Beginning work in process $88,000, comprising $21,000 of materials costs and $67,000 of conversion costs; incurred in July: materials $573,000, conversion costs $765,000.
Required - Prepare the production cost report.
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