Company B produces travel bags in a single process manufacturing plant and uses THE STRICT FIFO METHOD to calculate manufacturing cost per unit. REQUIRED: 1.) Complete production report and answer questions. 2.) Journalize all the necessary entries that were made DURING THE MONTH AND AT THE END of the month of July.

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Company produces travel bags in a single process manufacturing plant and uses the strict FIFO METHOD to calculate manufacturing cost per unit. REQUIRED: *1 Complete production report and answer questions, #2 Journalize all the necessary entries that were made during the month and at the end of the month of July 20,000 units 70,000 units 10,000 units luly 1, WIP inventory: (completion rates: DM 100%; CC 75%) Units transferred out July 31, WIP inventory: (completion rates:DM 100%; CC 60%) Costs: July 1, DM WIP beginning inventory July 1, CC WIP beginning inventory DM added during July CC added during July $ 28,000 50,000 93,000 242,580 ACCOUNT BALANCE: $ 423,580 PRODUCTION REPORT (show all calculations, carry unit costs to 3 decimal places): A. Total cost of units transferred out: B. July manufacturing cost per unit: $ per unit C. Using strict FIFO, what unit costs and how many units will be entered in FINISHED GOODS CONTROL ACCOUNT: Unit cost: $ Number of units: Unit cost $ Number of units: #2 JOURNAL ENTRIES: DEBIT CREDIT