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 $2024$ with the following information.

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

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

Gross Margin and Contribution Margin Income Statements $($For the Gross Margin Income Statement, Total Cost of Goods Sold should be equal to the Cost of Goods Sold calculated based on the FIFO method of assigning costs to goods transferred out and ending inventory$).$ Please format this in excel! I will like! I appreciate the help :$)$