Reference no: EM131577555

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:

Units:
Beginning work-in-process in units	5,000
Units started	42,000
Good Units completed	44,000
Good Units started and completed
Ending work-in process in units	2,000
Units spoiled-normal
Units spoiled-abnormal
Cost:
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:

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