Exercise 8-52 (Algo) 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. material is introduced into the process in the Mixing Department. The cost of the material fluctuates significantly month to mo based on market conditions. Information on costs and operations in the Refining Department for September follow: WIP inventory-Refining Beginning inventory (17,500 units, 10% complete with respect to Refining costs) Transferred-in costs (from Mixing) Refining conversion costs Current work (55,300 units started) Mixing costs Refining costs $ 252,055 9,676 $ 913,625 103,140 The ending inventory has 15,500 units, which are 90 percent complete with respect to Refining Department costs. Required: a. Complete the production cost report using the FIFO method. Note: Round "Cost per equivalent unit" to 2 decimal places. Equivalent Units Physical Units Mixing Department Refining Department Flow of units: Units to be accounted for: Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out 17,500 55,300 72,800 From beginning WIP inventory 17,500 Mixing Refining 15,750 Started and completed currently 39,800 39,800 39,800 Units in ending WIP inventory 15,500 Mixing 15,500 Refining Total units accounted for 13,950 72,800 55,300 69,500 Mixing Refining Total Department Department Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit $ 261,731 $ 1,016,765 252,055 $ 9,676 $ 1,278,496 $ 913,625 1,165,680 $ 103,140 112,816 Mixing Refining $ 16.52 $ 1.48 Costs accounted for: Costs assigned to units transferred out: Costs from beginning WIP inventory $ 261,731 $ 252,055 $ 9,676 Current costs added to complete beginning WIP inventory Mixing 0 Refining Current costs of units started and completed: Mixing Refining Total costs transferred out Cost of ending WIP inventory Mixing Refining Total costs accounted for $ 261,731 $ 252,055 $ 9,676 $ 261,731 $ 252,055 $ 9,676