i just need fifo and weighted average reports done (requirement 1) word doc instructions excel answer sheet

Juicy Lemonade Company Weighted-Average Production Cost Report For the Month ending March 31, 2015 physical units Flow of Units Units to be accounted for: In work-in-process beginning inventory Units started this period total units accounted for materials conversion costs costs 700 47500 48200 0 0 units accounted for: completed and transferred out in work-in-process ending inventory total units accounted for 0 0 0 flow of costs costs to be acocunted for: costs in work-in-process beginning inventory current period costs total costs to be acocunted for 0 1.5 4.5 71274.59 1200.41 213943.37 1801.63 costs per equivalent unit costs accounted for: costs assigned to transferred out units costs assigned to work-in-process ending inventory total costs accounted for Juicy Lemonade Company FIFO Production Cost Report For the Month ending March 31, 2015 physical units flow of units units to be accounted for In work-in-process beginning inventory units started this period total units to account for materials conversion costs costs units accounted for completed and transferred out from beginning work in process started and completed total completed and transferred out in work-in-process ending inventory total units accounted for' less work from beginning work in process new work done in march costs: flow of costs costs to be accounted for costs in work in process beginning inventory current period costs total costs to be accounted for costs per equivalent unit (current period cost / new work done) costs accounted for costs assigned to units transferred out costs from beginning work in process inventory current costs to complete beginning work-in-process inventory total costs from beginning work in process inventory current costs of units started and completed total costs transferred out costs assigned to work in process ending inventory total costs accounted for Juicy Lemonade Company Cost of Goods Manufactured and Sold Statement For Month Ended March 31, 2015 beginning work in process inventory, January 1 manufacturing costs during the year: direct materials: beginning inventory, January 1 add purchases direct materials available less ending inventory March 31 direct materials put into production direct labor manufacturing overhead total manufacturing costs incurred total work in process during the year less ending work in process inventory, March 31 cost of goods manufactured beginning finished goods inventory, January 1 finished goods available for sale less ending finished goods inventory March 31 cost of goods sold $750.00 $72,000.00 $72,750.00 $95,000.00 $118,750.00 $213,750.00 1800 10800 -10800 Juicy Lemonade Company Gross Margin Income Statement For Month Ended March 31, 2015 sales revenue variable manufacturing costs fixed manufacturing costs gross margin $255,000 $25,500 $17,000 $212,500 variable marketing & admin costs fixed marketing & admin costs operating profit $25,500 $10,343 $176,657 Juicy Lemonade Company Contribution Margin Income Statement For Month Ended March 31, 2015 sales revenue variable manufacturing costs variable marketing & admin costs contribution margin $255,000 $25,500 $25,500 $204,000 fixed manufacturing costs fixed marketing & admin costs operating profit $17,000 $10,343 $176,657 break-even volume in gallons fixed costs / unit contribution margin break-even volume in dollars fixed costs / contribution margin ratio target volume in gallons fixed costs + target profit / unit contribution margin target volume in dollars fixed costs + target profit / contribution margin ratio margin of safety = sales volume - break even sales volume margin of safety as a percentage excess of projected or actual sales over the break even volume expressed as a percentage of actual sales volume 4a. 4b. 4c. Dollars Gallons $134,823.53 8,988 $664,235.29 44,282 $577,676.47 38,512 Gallons Dollars Produced Dm DL Var OH Sales (gallons) 15-Feb 15,000 $225,000 15-Jan 14,000 $210,000 1 gallon = 8 16 oz cases 15 per case 15-Mar 17,000 $255,000 47500 units in Q1 Per Gallon Basis 1.5 2 1.5 5 Var S&A 1 gal = 15 mins 8 per hr 1.5 6.5 Cost per Gallon Inventory Units 1/1/2015 Cost 500 48000 48500 Gallons Beg WIP End WIP 700 800 $1.50 $1.50 Purchase each gallon requires 1 unit of DL Conversion Costs 60% 50% Beg Wip End 700 gal 800 60% 50% OH S&A Fixed Cost $47,500 $1.00 $28,900 $0.61 $76,400 total Juicy Lemonade Company The Juicy Lemonade Company manufactures premium flavored organic lemonade. Management is ready to close the books for the end of the first quarter in 2015 and your supervisor has presented you with the following information. a. Total sales in gallons of flavored lemonade for January 2015 through March 2015 are as follows: January 14,000 February 15,000 March 17,000 Each gallon of lemonade is packaged in eight 16 ounce bottles and sold in a case that sells for $15.00 per case. The company produced 47,500 units during the first quarter of 2015. b. The company's Variable Costs include the following Direct Materials of $1.50 per gallon Direct Labor of $____ per gallon (Each gallon of lemonade requires 15 minutes of direct labor time and the wage rate is $8.00 per hour) Variable MOH $_____per gallon (The variable overhead rate is $2.00 per machine hour and processing one gallon of lemonade takes 45 minutes of machine time) Variable Selling and Administrative costs of $1.50 per gallon c. The company's Fixed Costs for the quarter include the following: Manufacturing Overhead $47,500 Selling and Administrative $28,900 The company's fixed manufacturing overhead per gallon is $______. (The Fixed Manufacturing Overhead rate is based on Fixed Costs for the quarter and the units produced for the quarter.) d. The company's manufacturing overhead is applied based on the number of gallons produced using the Variable Manufacturing Overhead Rate per gallon calculated in 'b' and the Fixed Manufacturing Overhead Rate per gallon calculated in 'c'. e. Raw Materials Inventory consists entirely of direct materials and, at the beginning of the year, consists of 500 units of direct material at a cost of $1.50 per unit. The company purchased 48,000 units of direct material at a cost of $1.50 per unit. Each gallon of lemonade requires one unit of direct materials. f. Beginning Work in process inventory consists of 700 gallons of partially processed lemonade. All raw materials are added at the beginning of the production process and these partially completed units are 60% complete with respect to conversion costs. Ending work in process consists of 800 gallons of partially processed lemonade that are 50% complete with respect to conversion costs. The company completed and transferred out 47,500 units this quarter. The beginning work in process and current period costs are as follows Beginning WIP Direct Materials Conversion Costs $1,225 $1,995 Current period Costs Direct Materials Conversion Costs $71,250 $213,750 g. There are 300 gallons of lemonade in Finished Goods Inventory at the beginning of the year carried at a cost of $6.00. There are 1,800 gallons in ending Finished Goods Inventory carried at a cost of $6.00 per unit. You are required to prepare all of the following: 1. A Production Cost Report using both the weighted average and FIFO methods of assigning costs to goods transferred out and ending inventory. (50 points) 2. Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold using both methods of assigning costs to goods transferred out and ending inventory. (50 points) 3. Gross Margin and Contribution Margin Income Statements (HINT: For the Gross Margin Income Statement, Total Cost of Goods Sold should be equal to the Cost of Goods Sold calculated based on the FIFO method of assigning costs to goods transferred out and ending inventory). (50 points) 4. A Break-Even Analysis that includes all of the following components (HINT: Use the information from parts a, b, and c above for your calculations) (50 points) 4a. Break-Even in gallons and dollars 4b. Target Profit in gallons and dollars if the company wants a net operating income of $250,000 after taxes. The tax rate is 20%. 4c. Margin of Safety expressed in dollars, units, and as a percentage of sales.