Blanco Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in ProcessSifting Department was as follows on May 1, 2008: The following costs were charged to Work in ProcessSifting Department during May: During May, 568,000 units of flour were completed. Work in ProcessSifting Department on May 31 was 12,000 units, 70% completed. 1. Prepare a cost of production report for the Sifting Department for May. If an amount is zero, enter in a zero (0). When computing cost per equivalent unit, round to two decimal places. For example, $8.347 would be entered as 8.35. Learning Objectives 18-2, 18-3 PROBLEM 18-4A Equivalent units and related costs; cost of production report; entries You may use the attached spreadsheet to complete this activity. You will find the spreadsheet by clicking on the paper clip found in the upper left hand corner of the screen. Blanco Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in ProcessSifting Department was as follows on May 1, 2008: The following costs were charged to Work in ProcessSifting Department during May: During May, 568,000 units of flour were completed. Work in ProcessSifting Department on May 31 was 12,000 units, 70% completed. 1. Prepare a cost of production report for the Sifting Department for May. If an amount is zero, enter in a zero (0). When computing cost per equivalent unit, round to two decimal places. For example, $8.347 would be entered as 8.35. BLANCO FLOUR COMPANY Cost of Production Report - Sifting Department For the Month Ended May 31, 2008 Equivalent Units Equivalent Units Units Whole Units Direct Materials Conversion Units charged to production: Inventory in process, May 1 Received from Milling Dept. Total units accounted for by Sifting Dept. Units to be assigned cost: Inventory in process, May 1 Started and completed in May Transferred to Packaging Dept. in May Inventory in process, May 31 Total units to be assigned cost Costs Costs Direct Materials Conversion Total Costs Units costs: Total costs for May in Sifting Dept. Total equivalent units Cost per equivalent unit Costs charged to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for by Sifting Dept. Costs allocated to completed and partially completed units: Inventory in process, May 1 balance To complete inventory in process, May 1 Started and completed in May Transferred to Packing Department in May Inventory in process, May 31 Total costs assigned by Sifting Dept. 2. Journalize the entries for (a) costs transferred from Milling to Sifting and (b) the costs transferred from Sifting to Packaging 3. Determine the increase or decrease in the cost per equivalent unit from April to May for direct materials and conversion costs. Round to two decimal places. For example, $8.347 would be entered as 8.35. 4. Discuss the uses of the cost of production report, and the results of (3). The input in the box below will not be graded, but may be reviewed and considered by your instructor