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ORIGINAL PROBLEM DATA (1ST Excel File): CHECK FIGURES: Conversion: $1.27 per EU 8/31/2021 EB WIP $128,097 Supreme Manufacturing was founded over 35 years ago in East Brunswick, NJ. Supreme's Muy Refresco de Tropical line of Horchata, Tamarindo, and Jamaica drinks are lovingly re-created from Latino recipes handed down through the generations. The Muy Refresco de Tropical line uses only natural cinnamon, vanilla, rice, tamarind root, and hibiscus flower, and is sweetened only with all-natural cane sugar. A long-time cultural favorite, the popularity of Horchata, Tamarindo, and Jamaicas has exploded in recent years. This is due to both the general market's exposure to aguas frescas, and the rapid growth of the Latino market's population and buying power. The U.S. Latino population is currently growing faster than the general market with growth of 43% over the last 10 years or 16.3% of the entire U.S. population. Along with this growth, a new awareness of the potential health dangers of processed, sugary foods has emerged across all markets. Muy Refresco' de Tropical's natural ingredients and real cane sugar mean they're free of fat, cholesterol, caffeine, lactose, and gluten. Supreme's Horchata, Tamarindo, and Jamaica: a naturally delicious, healthier alternative to today's sugary sodas. Each flavor is available in 64 fl. oz. bottles and sold for $12 each. The first stage in the production process is carried out in the Mixing Department, which removes foreign matter from the raw materials and mixes them in the proper proportions in large vats. The company uses the FIFO method in its process costing system. Production data for the month of August appears below: WHAT IF ANALYSIS DATA (2ND Excel File): CHECK FIGURE: Material: $2.98 per EU 09/30/2021 Total cost transferred out to next dept.: $948,526 2. The "What If' part of the assignment will help you determine whether you have correctly used cell referencing in your spreadsheets. In your data block page make the following changes: 1. Beginning inventory for WIP, September 1 is 40,000 units; 75% complete as to material costs and 75% complete as to conversion costs. (This is August 31, 2021 ending inventory from the previous report which becomes September 1, 2021 beginning inventory in this report.) Ending WIP inventory, September 30, 2021 is 20,000 units; 80% complete as to material costs and 75% complete as to conversion costs. 3. Units started into production for September are 200,000. 4. Carryover the material and conversion costs assigned to the ending WIP 8/31/2021 (from the August report) as the beginning WIP inventory prior period costs. (Material Costs $90,000 and Conversion Costs: $38,097.) 5. Costs added during September are: $613,880 for materials and $274,300 for conversion 6. Change the date in the heading to be "For the Month Ended September 30, 2021". 12that B D m F Prior Period Percent Materials Conversion 90% 80%? Current Period Percent Materials Conversion ? 30,000 200,000 A 1 Data Block: 2 3 SUPREME MANUFACTURING 4 Mixing Department Production Report 5 FIFO Cost Processing 6 For the Month Ended August 31, 2021 7 8 Production data: 9 Units in process, beginning 10 Units started into production 11 Units completed & transferred 12 Units in process, ending 13 14 15 16 17 Cost data: 18 Work in process inventory, beginning 19 20 Cost added during month: 21 22 100% 75% 40,000 100% 75% Materials Conversion $ 67,800 $ 30,200 $ 579,000 $ 248,900 H Type Company Name Here or link from Data Block B Type Name of Report Here or link from Data Block . Type which process costing method is being used or link from Data Block 5 Type Time Period Report Covers Here or link from Data Block 5 Quantity Schedule and Equivalent Units - 5 Quantity Schedule 1 Units to be accounted for: Work in process, beginning 3 Started into production Total units Equivalent Units (EU) Materials Conversion Units accounted for as follows: Transferred to packaging: From beginning inventory Started & completed this month 16 Equivalent Units (EU) Materials Conversion 19 17 18 Units accounted for as follows: Transferred to packaging 20 From beginning inventory 21 Started & completed this month 22 Work in process, ending 23 Total units and equivalent 24 units of production 25 26 Costs per Equivalent Unit 27 28 29 Work in process, beginning 30 Cost added by the department 31 Total cost 32 33 Equivalent units of production 34 Cost per equivalent unit 35 Total Cost Materials Conversion Whole Unit ndirtinn Ronart Equivalent Units (above) Total Cost Materials Conversion 36 Cost Reconciliation 37 38 39 Cost accounted for as follows: 40 Transferred to packaging: 41 From the beginning inventory: 42 Cost in the beginning inventory 43 Cost to complete these units: 44 Materials 45 Conversion 46 Total cost 47 Started and completed this month 48 Total cost transferred 49 Work in process, ending: 50 Materials 51 Conversion 52 Total work in process 53 Total cost accounted for 54 55 Data Block Production Report
