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Exercise 8 - 5 2 ( Algo ) Prepare a Production Cost Report: FIFO Method ( LO 8 - 2 , 4 , 5 ,
Exercise Algo Prepare a Production Cost Report: FIFO Method LO
Beverly Plastics produces a part used in precision machining. The part is produced in two departments: Mixing
and Refining. The raw material is introduced into the process in the Mixing Department. The cost of the material
fluctuates significantly month to month based on market conditions. Information on costs and operations in the
Refining Department for September follow:
WIP inventoryRefining
Beginning inventory
units, complete with respect to Refining costs
Transferredin costs from Mixing
Refining conversion costs
Current work units started
Mixing costs
Refining costs
$
$
The ending inventory has units, which are percent complete with respect to Refining Department
costs.
Required:
a Complete the production cost report using the FIFO method.
Note: Round "Cost per equivalent unlt" to decimal places.
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