That's Refreshing makes sports drinks for active people using the process cost system. Beloware the cost and production data from the Mixing Department for July. The beginning inventory onthe first of July was 100% complete as to materials and 15% as to conversions costs.Inventory, July 1st. 54,500 $12,530.00Placed in production in July 141,000 $33,130.00Inventory, July 31st. 71,000UNITSUnits to account for:Beginning work-in-processMaterials ReceivedThe inventory on July 31st was 100 % completed for materials and 38% completed as toconversions costs.Prepare a production report using the FIFO Method.(Round your answers to two decimal places when needed and use rounded answers for all futurecalculations)Total units to account forUnits to be assigned costs:Beginning WIPStarted and CompletedTransferred outUnits Materials Costs Conversion CostsEnding work-in-processTotal units assigned costsCOSTSCosts per Equivalent Unit ofProduction:Total costs for the monthTotal Equivalent UnitsCosts per EUPCosts Assigned to Product:Beginning WIPbeginningCost for the monthTotalCosts allocated to units:located toBeginning WIPEquivalent UnitsWhole Units Transferred In Direct Material Conversion Costs$15.510.00$44,992.00Cost to complete WIPStarted and Completed unitsTransferred outEnding WIPTotal Costs AssignedThat's Refreshing☐☐☐☐☐☐☐That's RefreshingTransferred DirectInMaterialsConversionCosts000000Total Costs▬▬▬▬

The equivalent units are calculated on the basis of the percentage of the work completed during the…

Answered: Prepare a production report using the…

Prepare a production report using the FIFO Method. (Round your answers to two decimal places when needed and use rounded answers for all future calculations).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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