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Exercise 8-52(Static) Prepare a Production Cost Report: FIFO Method (LO 8-2,4,5,6) Beverly...

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Accounting

Exercise 8-52(Static) Prepare a Production Cost Report: FIFO Method (LO 8-2,4,5,6)
Beverly Plastics produces a part used In precision machining. The part is produced in two departments: Mixing and Refining. The raw
materlal is Introduced Into the process in the Mixing Department. The cost of the materlal fluctuates significantly month to month
based on market conditions. Information on costs and operations in the Refining Department for September follow:
WIP inventory-Refining
Beginning inventory
(17,50 units, 10% complete with respect to Refining costs)
Transferred-in costs (from Mixing)
Refining conversion costs
Current work units started)
Mixing costs
Refining costs
$237,0559,676 $898,625103,140
The ending Inventory has 22,900 units, which are 90 percent complete with respect to Refining Department costs.
Requlred:
a. Complete the production cost report using the FIFO method.
Note: Round "Cost per equlvalent unlt" to 2 decimal places.
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