Exercise Static Prepare a Production Cost Report: FIFO Method LO
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 inventoryRefining
Beginning inventory
units, complete with respect to Refining costs
Transferredin costs from Mixing
Refining conversion costs
Current work units started
Mixing costs
Refining costs
$ $
The ending Inventory has units, which are 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 decimal places.
