The Refreshing Iced Tea Company manufactures premium flavored organic Iced Tea. Management is ready to close the books for the end of the third quarter in $2024$ and your supervisor has presented you with the following information.

a$.$ Total sales in gallons of flavored Iced Tea for July $2024$ through September $2024$ are asfollows:

July $14,000$

August $15,000$

September $17,000$

Each gallon of Iced Tea is packaged in eight $16-$ounce bottles and sold in a case that sells for

$$15\mathrm{.}00$ per case. The company produced $47,500$ units during the third quarter of $2024.$

b$.$ The company$$s Variable Costs include the following

Direct Materials of $$1\mathrm{.}50$ per gallon

Direct Labor of $ per gallon $($Each gallon of Iced Tea requires $15$ minutes of direct

labor time and the wage rate is $$8\mathrm{.}00$ per hour$)$

Variable MOH $ per gallon $($The variable overhead rate is $$2\mathrm{.}00$ per machine hour

and processing one gallon of Iced Tea takes $45$ minutes of machine time$)$

Variable Selling and Administrative costs of $$1\mathrm{.}50$ per gallon

c$.$ The company$$s Fixed Costs for the quarter include the following:

Manufacturing Overhead $$47,500$

Selling and Administrative $$28,900$

The company$$s fixed manufacturing overhead per gallon is $ $.($The Fixed Manufacturing Overhead rate is based on Fixed Costs for the quarter and the units produced for the quarter.$)$

d$.$ The company$$s manufacturing overhead is applied based on the number of gallons produced using the Variable Manufacturing Overhead Rate per gallon calculated in $$b$$ and the Fixed Manufacturing Overhead Rate per gallon calculated in $$c$.$

e$.$ Raw Materials Inventory consists entirely of direct materials and, at the beginning of the year, consists of $500$ units of direct material at a cost of $$1\mathrm{.}50$ per unit. The company purchased $48,000$ units of direct material at a cost of $$1\mathrm{.}50$ per unit. Each gallon of Iced Tea requires one unit of direct materials.

f$.$ Beginning Work in process inventory consists of $700$ gallons of partially processed Iced Tea. All raw materials are added at the beginning of the production process and these partially completed units are $60\%$ complete for conversion costs. Ending work in process consists of $900$

gallons of partially processed Iced Tea that are $50\%$ complete for conversion costs. The company

completed and transferred out $47,500$ units this quarter.

The beginning work in process and current period costs are as follows

Beginning WIP

Direct Materials $$1,225$

Conversion Costs $$1,995$

Current period Costs

Direct Materials $$71,250$

Conversion Costs $$213,750$

g$.$ There are $300$ gallons of Iced Tea in the Finished Goods Inventory at the beginning of the year carried at a cost of $$6\mathrm{.}00.$ There are $1,800$ gallons in ending Finished Goods Inventory carried at a cost of $$6\mathrm{.}00$ per unit.

You are required to prepare all of the following:

$1.$ A Production Cost Report using both the weighted average and FIFO methods of assigning costs to goods transferred out and ending inventory.

$2.$ Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold using both the Weighted Average and FIFO methods of assigning costs to goods transferred out and ending inventory.

Please answer number $2$