Part 1: Prepare a complete (including cost reconciliation) FIFO production report using the data from the Problem Data File. Use the Report Format template file for the structure of the report that is posted in the Excel #1 folder.

Part 2: Complete the What If Analysis using the What If Analysis Data in the Problem Data File.

The original file should contain the following separate sheets within the excel workbook:

1. Data Block page with the original problem data

2. FIFO Costing Process Production Report for Aspire Food Group, dated July 31, 2020.

The what if file should contain the following separate sheets within the excel workbook:

1. Data block page with the What If Analysis data.
2. FIFO Costing Process Production Report for Aspire Food Group, dated August 31, 2020.

EXCEL #1 ASSIGNMENT: Aspire Food Group:

ORIGINAL PROBLEM DATA (1^ST Excel File):

CHECK FIGURES: Conversion: $2.38 per EU

7/31/2020 Ending Balance WIP $59,589

A unit of production is one bag of 1,000 crickets. For example, in the brooder department process, there were 6,000 physical units in July in the beginning work-in-process inventory; which are 6,000 bags (each bag contains 1,000 crickets). The following information is available for the brooding department during July for Aspire Food Group

Beginning work in process inventory:

Units in beginning work in process inventory 6,000 bags

Materials costs $38,015

Conversion costs $7,700

Percentage complete with respect to materials 70%

Percentage complete with respect to conversion 40%

Units started into production during the month 23,000 bags

Materials costs added during the month $166,870

Conversion costs added during the month $51,527

Ending work in process inventory:

Units in ending work in process 9,000 bags

Percentage complete with respect to materials 75%

Percentage complete with respect to conversion 45%

WHAT IF ANALYSIS DATA (2^ND Excel File):

CHECK FIGURE: 08/31/2020 Total cost transferred out to next dept.: $195,654

Change the date in your data block & in the report heading to be For the Month Ended August 31, 2020.

Your spreadsheets should automatically recalculate using the new data. You should not have to change any of the cell references or formulas for either of your statements. (If you dothen you have done the cell referencing incorrectly.) You are only changing the Data Block page in your second Excel file for the following information:

Beginning work in process inventory:

Units in beginning work in process inventory 9,000 bags*

Materials costs $49,950*

Conversion costs $9,639*

Percentage complete with respect to materials 75%*

Percentage complete with respect to conversion* 45%*

Units started into production during the month 21,000 bags

Materials costs added during the month $138,375

Conversion costs added during the month $52,680

Ending work in process inventory:

Units in ending work in process 10,000 bags

Percentage complete with respect to materials 55%

Percentage complete with respect to conversion 60%

*This is your first Excel file ending work-in-process quantity, percentage of completion and costs for 7/31/2020 in your previous report file for July 2020.

Data Block:

Production Report:

B D E F Prior Period Percent Materials Conversion 70% 40% Current Period Percent Materials Conversion ? ? . 1 Data Block: 2 3 ASPIRE FOOD GROUP 4 Brooding Department 5 FIFO Cost Processing 6 For the Month Ended July 31, 2020 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 Total cost as of beginning of the period 20 21 Cost added during month: 22 23 6,000 23,000 ? 9,000 100% 75% 100% 45% Materials Conversion 38,015 $ 7,700 $ CA 166,870 $ 51,527 $ 218,397 A 00 E F G H Type Company Name Here or link from Data Block Type Name of Report Here or link from Data Block Type which process costing method is being used or link from Data Block Type Time Period Report Covers Here or link from Data Block 3 4 5 4 7 Quantity Schedule and Equivalent Units 8 9 Quantity 10 Schedule 11 Units to be accounted for: 12 Work in process, beginning 13 Started into production 14 Total units 15 16 17 18 Units accounted for as follows: 19 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 Equivalent Units (EU) Materials Conversion 25 31 26 Costs per Equivalent Unit 27 28 Total Cost Materials Conversion Whole Unit 29 Work in process, beginning 30 Cost added by the department Total cost 32 33 Equivalent units of production 34 Cost per equivalent unit 35 36 Cost Reconciliation 37 Equivalent Units (above) 38 Total Cost Materials Conversion 39 Cost accounted for as follows: 40 Transferred to packaging 41 From the beginning inventory: 42 Cost in the beginning inventory Cost to complete these units: 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 43 44 54 B D E F Prior Period Percent Materials Conversion 70% 40% Current Period Percent Materials Conversion ? ? . 1 Data Block: 2 3 ASPIRE FOOD GROUP 4 Brooding Department 5 FIFO Cost Processing 6 For the Month Ended July 31, 2020 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 Total cost as of beginning of the period 20 21 Cost added during month: 22 23 6,000 23,000 ? 9,000 100% 75% 100% 45% Materials Conversion 38,015 $ 7,700 $ CA 166,870 $ 51,527 $ 218,397 A 00 E F G H Type Company Name Here or link from Data Block Type Name of Report Here or link from Data Block Type which process costing method is being used or link from Data Block Type Time Period Report Covers Here or link from Data Block 3 4 5 4 7 Quantity Schedule and Equivalent Units 8 9 Quantity 10 Schedule 11 Units to be accounted for: 12 Work in process, beginning 13 Started into production 14 Total units 15 16 17 18 Units accounted for as follows: 19 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 Equivalent Units (EU) Materials Conversion 25 31 26 Costs per Equivalent Unit 27 28 Total Cost Materials Conversion Whole Unit 29 Work in process, beginning 30 Cost added by the department Total cost 32 33 Equivalent units of production 34 Cost per equivalent unit 35 36 Cost Reconciliation 37 Equivalent Units (above) 38 Total Cost Materials Conversion 39 Cost accounted for as follows: 40 Transferred to packaging 41 From the beginning inventory: 42 Cost in the beginning inventory Cost to complete these units: 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 43 44 54