Schrader Cellars uses the FIFO method in its two department process costing system Fermenting (grape sorting is part of the fermentation process) and Packaging Direct materials (grapes) are added at the beginning of the fermenting process and at the end of the packaging process (bottles) Conversion costs are added evenly throughout each process Data from the month of december for the Fermenting Department are below Beginning work in process inventory Units in beginning work in process inventory 3,000 gallons Materials costs $122,000 Conversion costs $7,000 Percentage complete with respect to materials 100 Percentage complete with respect to conversion 50 Units started into production during the month 5,000 gallons Materials costs added during the month $250,000 Conversion costs added during the month $30,000 Ending work in process inventory Units in ending work in process 2,000 gallons Percentage complete with respect to materials 100 Percentage complete with respect to conversion 75 REQUIRED Prepare a FIFO production report for the Fermentation Department for Schrader Cellars for the month ended December 31, 2018 Schrader Cellars uses the FIFO method in its two department process costing system Fermenting (grape sorting is part of the fermentation process) and Packaging Direct materials (grapes) are added at the beginning of the fermenting process and at the end of the packaging process (bottles) Conversion costs are added evenly throughout each process Data from the month of december for the Fermenting Department are below Beginning work in process inventory Units in beginning work in process inventory 3,000 gallons Materials costs $122,000 Conversion costs $7,000 Percentage complete with respect to materials 100 Percentage complete with respect to conversion 50 Units started into production during the month 5,000 gallons Materials costs added during the month $250,000 Conversion costs added during the month $30,000 Ending work in process inventory Units in ending work in process 2,000 gallons Percentage complete with respect to materials 100 Percentage complete with respect to conversion 75 REQUIRED Prepare a FIFO production report for the Fermentation Department for Schrader Cellars for the month ended December 31, 2018

The Answer is in the image, click to view ...

Question: Schrader Cellars uses the FIFO method in its two department process costing system: Fermenting (grape sorting is part of the fermentation process) and Packaging. Direct

Schrader Cellars uses the FIFO method in its two department process costing system: Fermenting (grape sorting is part of the fermentation process) and Packaging. Direct materials (grapes) are added at the beginning of the fermenting process and at the end of the packaging process (bottles). Conversion costs are added evenly throughout each process. Data from the month of december for the Fermenting Department are below:

Beginning work in process inventory:

Units in beginning work in process inventory 3,000 gallons

Materials costs $122,000

Conversion costs $7,000

Percentage complete with respect to materials 100%

Percentage complete with respect to conversion 50%

Units started into production during the month 5,000 gallons

Materials costs added during the month $250,000

Conversion costs added during the month $30,000

Ending work in process inventory:

Units in ending work in process 2,000 gallons

Percentage complete with respect to materials 100%

Percentage complete with respect to conversion 75%

REQUIRED:

Prepare a FIFO production report for the Fermentation Department for Schrader Cellars for the month ended December 31, 2018.

Beginning work in process inventory:

Units in beginning work in process inventory 3,000 gallons

Materials costs $122,000

Conversion costs $7,000

Percentage complete with respect to materials 100%

Percentage complete with respect to conversion 50%

Units started into production during the month 5,000 gallons

Materials costs added during the month $250,000

Conversion costs added during the month $30,000

Ending work in process inventory:

Units in ending work in process 2,000 gallons

Percentage complete with respect to materials 100%

Percentage complete with respect to conversion 75%

REQUIRED:

Prepare a FIFO production report for the Fermentation Department for Schrader Cellars for the month ended December 31, 2018.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Hello! Please help me with this managerial accounting assignment E F H Dala BLOCK ! Company Hame* Name of Department Date \\Production dale :" 10 1 1 12 13 14 15 16\\ Goal dale ! IT 18 10 75 Data...

Hello! Can somebody help me out with this please? thank you in advance :-) C II Quantity Schedule and Equivalent Units Quantity Schedule 10 Units to be accounted for: 11 Work in process, beginning 12...

Schrader Cellars uses the FIFO method in its two department process costing system: Fermenting (g... Schrader Cellars uses the FIFO method in its two department process costing system: Fermenting...

*PLEASE USE EXCEL AND JUST SHOW CELL REFERENCE* Schrader Cellars uses the FIFO method in its two department process costing system: Fermenting (g... Schrader Cellars uses the FIFO method in its two...

Help please a. b. 1. (20 points) Ashworth Handscraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the...

1. (20 points) Ashworth Handscraft is a manufacturer of picture frames for large retailers. Every picture frame passes through two departments: the assembly department and the finishing department....

4 cussion -Exam-2 Johnson Winery in Pleasant Valley, New York, has two departments Fermenting and Packaging Direct materials are added at the beginning of the fermenting process (grapes) and at the...

John Winery in Pleasant Valley New York has to depromating and Packaging Dead weet the beginning the one you the production contraport for sing Department for the more of March fermenting process...

Homework: 2.5 - MyAccountingLab: Homework 2 Save Score: 13.75 of 15 pts 6 of 7 (7 complete) HW Score: 98.75%, 98.75 of 100 pts X E18-24 (similar to) i Data Table - X stion Help Johnson Winery in...

Case: In a study, it was reported that undergraduate students had an average credit card balance of $ 2800. This figure is an all-time high and has increased 44% from the previous five years. Assume...

Mr Faisal owns and operates a retail store selling the outdoor clothing of an American manufacturer to a predominately college student market. Lately, a large departmental store has opened a similar...

Which financial model is commonly associated with cloud computing? Question 4 options: Capital Expenditure ( CapEx ) Operational Expenditure ( OpEx ) Equity Investment None of the above

Hypothesis Testing of a Single Mean LCTCS Tuition: Louisiana Community And Technical College System consist of 2 community colleges across the state. I think RPCC's tuition and fees is lower than the...

3 Rather than dressing it up as marketing experience, might there be an honest way to use your restaurant experience to your advantage here?

5. Your father asks if youll be coming home for the holidays this year. A. I have a life, you know. B. Ill do the best I can. C. I can visit for three days, December 27 to 29.

B Will you follow your friends suggestion to use vague expressions like team player? In what ways might you use more precise terms to describe yourself?