need help solving 6) a) b) c) and d)

the average inventory b) should come out to 395,328

info needed to solve below

what other details needed ?

6) Financial Statement Analysis: Use Chapter 14 concepts for this requirement. For Sunspot Beverages; a) What is the value of Inventory they would record on their Balance Sheet at the beginning of June? At the end of June? Remember, Inventory on the balance sheet includes ALL inventory accounts. b) What is their "average" inventory for June? c) Using the formulas provided in Chapter 14 of your text (Pg. 678), calculate the following: Gross Margin percentage: Inventory turnover: Average sales period for June. Note: Remember you are calculating ratios for a month not a year. You will need to "annualize" your turnover (multiply by 12 months) and/or use 30 days rather than 365 days for your sales period. d) Assume the industry leader has an inventory Turnover of 55 and average sales period of 7 days. How does Sunspot Beverages compare to the industry leader? Your answer and comment should be 20 to 50 words. a) Step 1 part 1: Account for physical units. Complete the tables below using #****#NUMBER ##### of units, NOT dollars!!!!!! Physical units for BOTTLING Units in Bottling June 1 44.000 Units completed and transferred out during June 272.500 Units transferred in from Blending during June 12801500 Units in Bottling June 30 52,000 Units "to account for" 324/ 500 Units "accounted for B2.500 Note: the 3 row should be the first 2 rows added together. The units "to account for" should equal the units "accounted for" b) Step 1 part 2: Determine equivalent units. This is #####NUMBER#**# of units, NOT dollars!!! For each of the 4 cost categories for Bottling Department, complete the table below to determine the equivalent units. Hint: All units "completed and transferred to Finished Goods" and units in ending WIP-Bottling inventory" are 100% complete with respect to transferred in" costs (costs from Blending department) and bottle costs. Equivalent Units (ACCOUNTED FOR) Transferred in Other Materials (Blending costs) Bottles 52.000 52.000 33.800 Conversion 26/000 Equivalent units in ending WIP- Bottling inventory Equivalent units completed and transferred to Finished Goods" 272/500 272,500 272/500 272500 Total Equivalent units accounted for 1324,500 3a4/500 306, 300 298,500 Note: The 3d row should be the first two rows added together. The 3rd row for "Other" and Conversion WILL NOT equal the other columns in this table, nor will they equal the 3 row in the table for step 1 in a) above. e. un e) Step 3: Allocate costs to units. Multiply the Cost per Equivalent for each cost category in step 4 time the equivalent units for completed and transferred to Finished Goods ending Inventory to complete the table below. ROUND YOUR ANSWERS TO NEAREST WHOLE DOLLARS. Add the cost categories together across to the Total Column. Totalcach column to the bottom row costs accounted for. The total in the bottom right box should be the total of the numbers above it AND the total of the numbers to its left. (lt may be off a few dollars for rounding). Your answer represents SSSSDOLLARSS5555 not units. Round your answers to the nearest whole dollar Costs accounted for in dollars Total Other Material Costs Bones Conversion WIP -Ending balance Costs of goods completed and transferred out Total Costs accounted for Transferred in 242,244 59,155 11,514,665 304,946 111756,914 369151 139161 13,314 39619 15821045 107.338 415,236 812,256 120.6524541855 Note: The total costs accounted for in the bottom row should equal (eff few Se for rounding the totals "costs to account for" in the bottom row of the table in step 4) Sale of Finished Goods: Accounting for the analysis. As units are completed in the Bottling department, they are moved to Finished Goods Inventory where they we ready to be sold. The analysis above determines the dollar value of those completed units. a) Write the journal entry to move these costs from WIP-Bottling Inventory account to Finished Goods Inventory account. Post the JEto the WIP-Bottling and Finished Goods T-accounts attached at the end of the project. Determine the ending balance for WIP-Bottling account. Balance should equal first row from table in 3e. Einbled goods inventory WIP- Bottling DR 1514,665 CR 1,514,665 goods Ensted goods Bul bl o wip bylting slugs WIP-Bottica Bulbol 264,500 1,514,665 Finished WIP Blending 314,160 Bottles 701,250 other matood 102,650 conversion 374.340 Bgl6/30 242, 235 Belt/30 1514.665 6 b) Units sold = 272500 units i.e. Units transferred to Finished Goods from Bottling Department c) Sales Revenue = 272500 x $12 = $3270000 Account Titles Debit Credit Accounts Receivable $ 3,270,000 Sales Revenue S 3,270,000 d) Cost of Goods Sold = $1514665 Account Titles Debit Credit Cost of Goods Sold $ 1,514,665 Finished Goods Inventory S 1,514,665 5) Purchases = $205300+98000-120000 = $183300 Account Titles Debit Credit Raw Material Inventory $ 183,3001 Accounts Payable S 183,300 Raw Material Inventory Bal 6/1 $ 120,000 Purchase $ 183,300 $ 205,300 WIP Blending Bal 6/30 $ 98,000 Alternative to 5, assuming material used in bottling department is from raw material issued. Purchases = $205300+102650+98000-120000= $285950 Account Titles Debit Credit Raw Material Inventory $ 285,950 Accounts Payable $ 285,950 Raw Material Inventory Bal 6/1 $ 120,000 Purchase $ 285,950 $ 205,300 WIP Blending S 102,650 WIP Bottling Bal 6/30 $ 98,000 Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 700 400 Work in process, beginning Started into production Completed and transferred out Work in process, ending Units 56,000 290,500 280,500 66,000 750 251 Work in process, beginning Cost added during June Materials Conversion $ 19,100 $ 5,900 $ 205,300 $ 124,780 Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a cost reconciliation report for the Blending Department for June. (Roun places.) Blending Department Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory$ 25,000 Costs added to production during the period 330,080 Total cost to be accounted for $ 355,080 Costs accounted for as follows: Cost of ending work in process inventory $ 40,920 Cost of units completed and transferred out 314,160 Total cost accounted for $ 355,080 6) Financial Statement Analysis: Use Chapter 14 concepts for this requirement. For Sunspot Beverages; a) What is the value of Inventory they would record on their Balance Sheet at the beginning of June? At the end of June? Remember, Inventory on the balance sheet includes ALL inventory accounts. b) What is their "average" inventory for June? c) Using the formulas provided in Chapter 14 of your text (Pg. 678), calculate the following: Gross Margin percentage: Inventory turnover: Average sales period for June. Note: Remember you are calculating ratios for a month not a year. You will need to "annualize" your turnover (multiply by 12 months) and/or use 30 days rather than 365 days for your sales period. d) Assume the industry leader has an inventory Turnover of 55 and average sales period of 7 days. How does Sunspot Beverages compare to the industry leader? Your answer and comment should be 20 to 50 words. a) Step 1 part 1: Account for physical units. Complete the tables below using #****#NUMBER ##### of units, NOT dollars!!!!!! Physical units for BOTTLING Units in Bottling June 1 44.000 Units completed and transferred out during June 272.500 Units transferred in from Blending during June 12801500 Units in Bottling June 30 52,000 Units "to account for" 324/ 500 Units "accounted for B2.500 Note: the 3 row should be the first 2 rows added together. The units "to account for" should equal the units "accounted for" b) Step 1 part 2: Determine equivalent units. This is #####NUMBER#**# of units, NOT dollars!!! For each of the 4 cost categories for Bottling Department, complete the table below to determine the equivalent units. Hint: All units "completed and transferred to Finished Goods" and units in ending WIP-Bottling inventory" are 100% complete with respect to transferred in" costs (costs from Blending department) and bottle costs. Equivalent Units (ACCOUNTED FOR) Transferred in Other Materials (Blending costs) Bottles 52.000 52.000 33.800 Conversion 26/000 Equivalent units in ending WIP- Bottling inventory Equivalent units completed and transferred to Finished Goods" 272/500 272,500 272/500 272500 Total Equivalent units accounted for 1324,500 3a4/500 306, 300 298,500 Note: The 3d row should be the first two rows added together. The 3rd row for "Other" and Conversion WILL NOT equal the other columns in this table, nor will they equal the 3 row in the table for step 1 in a) above. e. un e) Step 3: Allocate costs to units. Multiply the Cost per Equivalent for each cost category in step 4 time the equivalent units for completed and transferred to Finished Goods ending Inventory to complete the table below. ROUND YOUR ANSWERS TO NEAREST WHOLE DOLLARS. Add the cost categories together across to the Total Column. Totalcach column to the bottom row costs accounted for. The total in the bottom right box should be the total of the numbers above it AND the total of the numbers to its left. (lt may be off a few dollars for rounding). Your answer represents SSSSDOLLARSS5555 not units. Round your answers to the nearest whole dollar Costs accounted for in dollars Total Other Material Costs Bones Conversion WIP -Ending balance Costs of goods completed and transferred out Total Costs accounted for Transferred in 242,244 59,155 11,514,665 304,946 111756,914 369151 139161 13,314 39619 15821045 107.338 415,236 812,256 120.6524541855 Note: The total costs accounted for in the bottom row should equal (eff few Se for rounding the totals "costs to account for" in the bottom row of the table in step 4) Sale of Finished Goods: Accounting for the analysis. As units are completed in the Bottling department, they are moved to Finished Goods Inventory where they we ready to be sold. The analysis above determines the dollar value of those completed units. a) Write the journal entry to move these costs from WIP-Bottling Inventory account to Finished Goods Inventory account. Post the JEto the WIP-Bottling and Finished Goods T-accounts attached at the end of the project. Determine the ending balance for WIP-Bottling account. Balance should equal first row from table in 3e. Einbled goods inventory WIP- Bottling DR 1514,665 CR 1,514,665 goods Ensted goods Bul bl o wip bylting slugs WIP-Bottica Bulbol 264,500 1,514,665 Finished WIP Blending 314,160 Bottles 701,250 other matood 102,650 conversion 374.340 Bgl6/30 242, 235 Belt/30 1514.665 6 b) Units sold = 272500 units i.e. Units transferred to Finished Goods from Bottling Department c) Sales Revenue = 272500 x $12 = $3270000 Account Titles Debit Credit Accounts Receivable $ 3,270,000 Sales Revenue S 3,270,000 d) Cost of Goods Sold = $1514665 Account Titles Debit Credit Cost of Goods Sold $ 1,514,665 Finished Goods Inventory S 1,514,665 5) Purchases = $205300+98000-120000 = $183300 Account Titles Debit Credit Raw Material Inventory $ 183,3001 Accounts Payable S 183,300 Raw Material Inventory Bal 6/1 $ 120,000 Purchase $ 183,300 $ 205,300 WIP Blending Bal 6/30 $ 98,000 Alternative to 5, assuming material used in bottling department is from raw material issued. Purchases = $205300+102650+98000-120000= $285950 Account Titles Debit Credit Raw Material Inventory $ 285,950 Accounts Payable $ 285,950 Raw Material Inventory Bal 6/1 $ 120,000 Purchase $ 285,950 $ 205,300 WIP Blending S 102,650 WIP Bottling Bal 6/30 $ 98,000 Sunspot Beverages, Ltd., of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Materials Conversion 700 400 Work in process, beginning Started into production Completed and transferred out Work in process, ending Units 56,000 290,500 280,500 66,000 750 251 Work in process, beginning Cost added during June Materials Conversion $ 19,100 $ 5,900 $ 205,300 $ 124,780 Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a cost reconciliation report for the Blending Department for June. (Roun places.) Blending Department Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory$ 25,000 Costs added to production during the period 330,080 Total cost to be accounted for $ 355,080 Costs accounted for as follows: Cost of ending work in process inventory $ 40,920 Cost of units completed and transferred out 314,160 Total cost accounted for $ 355,080