Question - 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.
I have demonstrations with videos taking you through these production reports in the chapter 18 folder. Business Inc. produces all of its products in one department and transfers the costs to finished goods. Beginning work-process was 60% complete as to conversion. Ending work-in-process was 32% 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 1% of the finished output of good units.
The information for the current month is as follows:
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Units:
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Beginning work-in-process in units
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5,000
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Units started
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42,000
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Good Units completed
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44,000
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Good Units started and completed
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Ending work-in process in units
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2,000
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Units spoiled-normal
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Units spoiled-abnormal
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Cost:
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Beginning Work-in-process direct materials
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$10,000
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Beginning Work-in-process conversion cost
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3,000
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Direct materials added during the month
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89,880
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Conversion costs added during the month
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70,044
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Check figure
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$172,924
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Required:
1. Calculate the good units started and completed and units spoiled this accounting period in column F above that are in yellow above.
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.
Attachment:- Assignment File.rar