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Prepare a production report using the fifo method
Course:- Managerial Accounting
Reference No.:- EM13949003




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Grace Sauces, Inc., manufactures a steak sauce that passes through several processes. During the first quarter of the year, the Mixing Department received 180,000 quarts of liquid from the Cooking Department (transferred in at $230,400). Upon receiv- ing the liquid, the Mixing Department adds spices and allows blending to take place for 45 minutes. The product is then passed on to the Bottling Department.

There were 144,000 quarts in process at the beginning of the quarter, 75 percent complete with respect to conversion costs. The costs attached to the beginning inventory were as follows:

Transferred in $45,600
Powder 6,432
Conversion costs 14,400
Costs added by the Mixing Department during the first quarter were
Powder $33,500
Conversion costs 72,640

There were 31,500 quarts in ending inventory, 20 percent complete with respect to conversion costs.

Required

Prepare a production report using the FIFO method. Follow the five steps outlined in the chapter in preparing the report. Carry out unit costs to three decimal places. Round to the nearest dollar in the production report.




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