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The company uses the FIFO method in its process costing system. Production data for the...

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Accounting

The company uses the FIFO method in its process costing system. Production data for the Mashing Department (first stage) for the month of January appears below:

Production data:

Units (gallons) in process, January 1 (materials 100% complete;

conversion 90% complete). . . . . . . . . . . . . . . . . . . . . . 20,000

Units started into production. . . . . . . . . . . . . . . . . . . . . . . . . . 390,000

Units in process, January 31 (materials 75% complete;

conversion 25% complete) . . . . . . . . . . . . . . . . . . . . . . 40,000

Cost data:

Work in process inventory, January 1:

Materials cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,000

Conversion cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $13,000

Cost added during the month:

Materials cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $495,000

Conversion cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $253,000

REQUIRED:

Prepare a FIFO production report for the Mashing Department for Windy City Brewing Co. for the month ended January 31, 2018.

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