I have an accounting problem. Please help me understand this. Equivalent Units and Related Costs; Cost of Production Report; Entries Lily 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 July 1, 2014: The following costs were charged to Work in ProcessSifting Department during July: During July, 12,000 units of flour were completed. Work in ProcessSifting Department on July 31 was 1,000 units, 45 completed. Required: Hide Hint(s) 1. Prepare a cost of production report for the Sifting Department for July. If an amount is zero, enter "0". If required, round your cost per equivalent unit answers to the nearest cent. Lily Flour Company Cost of Production Report-Sifting Department For the Month Ended July 31, 2014 Unit Information Units charged to production: Inventory in process, July 1 Received from Milling Department Total units accounted for by the Sifting Department Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, July 1 Started and completed in July Transferred to Packaging Department in July Inventory in process, July 31 Total units to be assigned costs Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for July in Sifting Department $ $ Total equivalent units Cost per equivalent unit $ $ Costs charged to production: Direct Materials Conversion Total Inventory in process, July 1 $ Costs incurred in July Total costs accounted for by the Sifting Department $ Cost allocated to completed and partially completed units: Inventory in process, July 1 balance $ To complete inventory in process, July 1 $ $ Cost of completed July 1 work in process $ Started and completed in July Transferred to Packaging Department in July $ Inventory in process, July 31 Total costs assigned by the Sifting Department $ Hide Feedback Partially Correct Check My Work Feedback 1. Calculate equivalent units for materials and conversion costs. Calculate the cost per equivalent unit for materials and conversion costs. Calculate the costs assigned to the beginning inventory, the units started and completed, and the ending inventory. Learning Objective 2, Learning Objective 3 and Learning Objective 4. Hide 2. Journalize the entries for (1) costs transferred from Milling to Sifting and (2) the costs transferred from Sifting to Packaging. (1) (2)