Business Inc. produces all of its products in one department, The Production Department, and transfers the costs to finished goods. The production department adds all direct materials at the beginning of the process. Inspection takes place at the end of the process and is considered abnormal spoilage.

In March the department reported the following data:

Beginning work in process as of March 1st 200 units

30% Complete

Cost of Direct materials $500

Conversion costs $140

Costs added during March

Cost of Direct materials $1,625

Conversion costs $2,163.00

During March:

6,500 units Started

7000 Good units were transferred out to Finished goods.

500 units remained in ending work in process.

45% Complete

Required: Answer the following requirements under each of the 8 areas. You must use cell referencing in your calculations to earn credit.

1. Prep a physical flow schedule

2. Calcu equivalent units of production using the weighted average method for direct materials and conversion costs

3. Calc the unit cost.

4. Calc the cost of goods transferred out.

5. Calc ending Work in process.

6. Calc the loss due to abnormal spoilage.

7. Prep the journal entry that transfers the goods from the production department to Finished goods.

8. Prepare the journal entry to record abnormal spoilage.