*PLEASE USE EXCEL AND JUST SHOW CELL REFERENCE*

Schrader Cellars uses the FIFO method in its two department process costing system: Fermenting (g... Schrader Cellars uses the FIFO method in its two department process costing system: Fermenting (grape sorting is part of the fermentation process) and Packaging. Direct materials (grapes) are added at the beginning of the fermenting process and at the end of the packaging process (bottles). Conversion costs are added evenly throughout each process. Data from the month of March for the Fermenting Department are below:

Beginning work in process inventory:

Units in beginning work in process inventory 3,000 gallons

Materials costs $122,000

Conversion costs $7,000

Percentage complete with respect to materials 100%

Percentage complete with respect to conversion 50%

Units started into production during the month 5,000 gallons

Materials costs added during the month $250,000

Conversion costs added during the month $30,000

Ending work in process inventory:

Units in ending work in process 2,000 gallons

Percentage complete with respect to materials 100%

Percentage complete with respect to conversion 75%

REQUIRED: Prepare a FIFO production report for the Fermentation Department for Schrader Cellars for the month ended December 31, 2018.

SCHRADER CELLARS 6 Quantity Schedule and Equivalent Units Quantity Schedule 10 Units to be accounted for 11 Work in process, beginning 12 Started into production 13 Total units 3,000 5,000 Equivalent Units Materials 15 16 17 18 19 20 21 Conversion Units accounted for as follows: Transferred to packaging From beginning inventory Started & completed this month 3,000 3,000 2,000 3,000 2,000 1,500 3,000 1,500 Work in process, ending Total units and equivalent 23 24 25 Costs per Equivalent Unit 26 27 28 Work in process, beginning 29 Cost added by the department 30 Total cost units of production Total Cost 129,000 Materias Conversion Whole Unit 280,000$ 250,000 30,000 409,000 5,000 32 Equivalent units of production 33 Cost per equivalent unit 34 35 Cost Reconciliation 36 37 38 Cost accounted for as follows: 39 Transferred to packaging 40From the beginning inventory: 41 Cost in the beginning inventory 42 43 6,000 S 50.00 5.00 Equivalent Units (above Conversion Total Cost Materials $ 129,000 122,000 7,000 Cost to complete these units Materials Conversion 45 46 Total cost Started and completed this month Total cost transferred 48 Work in process, ending 49 Materials 50 Conversion 51 52 Total cost accounted for Total work in process