Using the FIFO (first-in, first-out) method, (1) prepare a production cost report for the Mixing department and (2) prepare a journal entry for Mixing to transfer its costs to the next department. Round all your answers to 2 decimal places if needed. 21. Sprit Beverages, Inc. manufactures a sport drink on a continuous basis. The company makesa product that is processed sequentially in two departments: Mixing and Bottling. As work 1scompleted, it is transferred out to the next department. During April, the following results areavailable for the Mixing department:a. Beginning WIP had 700 units, 30% complete with respect to materials and 60%complete with respect to conversion. Costs in the beginning WIP included materialcosts of $1,500 and conversion costs of $4,500.b. During April, 9,500 units were started in process. Costs added during the currentmonth (April) were materials, $58,980; and conversion, $86,940.c. At the end of April, total 10,000 units were completed and transferred-out to theBottling department. The remaining ending WIP was 20% complete with respect tomaterials and 40% complete with respect to conversion.

Name: Using the FIFO (first-in, first-out) method, (1) prepare a production
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Using the FIFO (first-in, first-out) method, (1) prepare a production cost report for the Mixing department and (2) prepare a journal entry for Mixing to transfer its costs to the next department. Round all your answers to 2 decimal places if needed.