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Use the data field below to complete the production report on the worksheet named FIFO and record appropriate entry(s). You will be graded on your...

Use the data field below to complete the production report on the  worksheet named FIFO and record appropriate entry(s).
You will be graded on your accuracy of your answer and the usage of excel.  Your production    
report should have no numbers typed in.  The production report should be made up of cell references    
or formulas only.  Use the template I have provided to complete the production reports.      
Business Inc. produces all of its products in one department and transfers the costs to finished goods.    
Beginning work-process was 42% complete as to conversion.          
Ending work-in-process was 45% complete.  All spoilage and is detected at the end of the period.    
Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process.
Normal spoilage is  2% of the finished output of good units.          
The information for the current month is as follows:     % completed this current period
 in processing department
Units:             Materials Conversion
Beginning work-in-process in units     3,000          
Units started         42,000          
Good Units completed       43,000          
Good Units started and completed                
Ending work-in process in units     1,000          
Units spoiled-normal                  
Units spoiled-abnormal                  
Beginning Work-in-process direct materials   $10,000          
Beginning Work-in-process conversion cost   3,000          
Direct materials added during the month   89,880          
Conversion costs added during the month   70,044          
      Check figure $172,924          
Required:   Answers to part 1 & 2 should be typed into the yellow cells above.     
1.  Calculate the good units started and completed and units spoiled this accounting period in column F above that are in yellow above.
Normal Spoilage 2% Finished output of good units          
2.  Determine the percentage of materials and  conversion costs used in the current period in columns H and I in yellow above.
3.  Prepare a production report for this department using FIFO.        
4.  Prepare the journal entries to show the costs flowing out of the production department.      

Top Answer

Hello student, I can handle your question though it requires a lot of work for you to get the... View the full answer

1 comment
  • Please mark as unhelpful. Thanks.
    • ka_moderator
    • Jul 20, 2016 at 1:34pm

Other Answers

Unadjusted Trial Balance Particulars Dr Cr Cash $48,309 Baking Supplies 20500 Prepaid Insurance expenses 1200 Accounst... View the full answer

  • hope this can help
    • proffshar
    • Jul 19, 2016 at 10:03pm
  • Not at all related to my Question
    • vmanohar1919
    • Jul 19, 2016 at 10:16pm

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