Problem 2: (Completion rates for DM and CC are the same) Blue Ribbon Flour Company manufactures flour by a series of three processes, beginning in the Milling Department. From the Milling Department, the materials pass throu! the Sifting and Packaging departments, emerging as packaged refined flour. The information for Work in Process-Sifting Department was as follows: Work in Process-Sifting Department, May 1 2,500 units, 75% completed $7,800 The following costs were charged to Work in Process-Sifting Dept. during May: Direct materials transferred from Milling Department: Direct labor 22,500 units $55,300 $24,300 Factory overhead $15,500 During May, 23,000 units of flour were completed and transferred to finished goods. Work in Process-Sifting Department on May 31 was 2,000 units, 75% completed. Required: Prepare a cost of production report in the table below for the Sifting Department for May, using the weighted average method. Assume that direct materials are placed in process during production. i.e., the completion rates for DM and CC are the same. Blue Ribbon Flour Company Cost of Production Report-Sifting Department For the Month Ended May 31 Unit Information Units charged to production: Physical Units Inventory in process, May 1 Received from Milling Department Total units to accunt for by the Sifting Department Units to be assigned costs: Physical Units Equivalent Units Transferred to Packaging Department in May Inventory in process, May 31 Total units to be assigned costs Cost Information Costs assigned to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for by the Sifting Department Total equivalent units Cost per equivalent unit Costs allocated to completed units and EWIP units: Units Transferred to Packaging Department in May Inventory in process, May 31 Total costs assigned by the Sifting Department