ORIGINAL PROBLEM DATA (1ST Excel File): CHECK FIGURES Units started and Completed 160,000 Conversion: $1.27 per EU 8/31/2023 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 o 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: Production data: Units in process, August 1 (materials 90% complete; conversion 80% complete). Units started into production.. 30,000 200,000 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: Production data: Units in process, August 1 (materials 90% complete; conversion 80% complete)... 30,000 Units started into production.... 200,000 Units in process, August 31 (materials 75% complete; conversion 75% complete).. 40,000 Cost data: Work in process inventory, August 1: Materials cost.. Conversion cost.. Cost added during the month: Materials cost... Conversion cost. $67,800 $30,200 I $579,000 $248,900 REQUIRED: Part 1: Prepare a complete (including cost reconciliation) FIFO production for August 31, 2023 report using the data from the Data Block. You will need to calculate "Units started and completed". Use the Report Format template file for the structure of the report that is on the "Text FIFO Example" Excel file I have provided. The example uses correct Accounting formatting of reports (S, correct underlining and double underlining). I expect your work will too or points will be deducted. Part 2: Complete the "What If Analysis" using the What If Analysis Data on the last page of these instructions. Prepare a complete (including cost reconciliation) FIFO production for September 30, 2023 report using the data from the Data Block. You will need to calculate "Units started and completed". Use the Report Format template file for the structure of the report that is on the "Text FIFO Example" Excel file I have provided. NOTE: REQUIRED ELEMENTS: I You must include the required elements listed below for both files or you will receive a ZERO on your assignment. Data block page Production Report with cell referencing from data block page and other parts of the Report. Do not type numbers directly into the Report or into cell references. All amounts must be supported by cell referencing or formulas using cell referencing. Submit two files; one with the FIFO production report and data block using the original problem data and one with the FIFO production report and data block using the "What if" analysis data. SAVING YOUR FILES: 1 Save the original file according to the following name format WHAT IF ANALYSIS DATA (2Excel File): CHECK FIGURE: Units Started and Completed 180.000 Material: $2.98 per EU 09/30/2023 Total cost transferred out to next dept.: $948.526 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. 2. 3. 4. 5. 6. 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, 2023 ending inventory from the previous report which becomes September 1, 2023 beginning inventory in this report.) Ending WIP inventory, September 30, 2023 is 20,000 units; 80% complete as to material costs and 75% complete as to conversion costs. Units started into production for September are 200,000. Carryover the material and conversion costs assigned to the ending WIP August 31, 2023 (from the August report) as the beginning WIP inventory prior period costs. (Material Costs $90,000 and Conversion Costs: $38,097.) Costs added during September are: $613,880 for materials and $274,300 for conversion. Change the date in the heading to be "For the Month Ended September 30, 2023" If you prepared part 1 (August 31, 2023 Production Report) correctly your spreadsheets should automatically recalculate using the new data. You should not have to change any of the cell references or formulas for the September 30, 2023 Production Report - If you do then you have done the cell referencing incorrectly. You are only changing the Data Block page. 6. for conversion Change the date in the heading to be "For the Month Ended September 30, 2023. If you prepared part 1 (August 31, 2023 Production Report) correctly your spreadsheets should automatically recalculate using the new data. You should not have to change any of the cell references or formulas for the September 30, 2023 Production Report-IE. you do then you have done the cell referencing incorrectly. You are only changing the Data Block page. I