USING FIFO METHOD, please complete the missing information. Edwina Industrial Products (EIP) manufactures cleaning products. The Grant

USING FIFO METHOD, please complete the missing information.

Transcribed Image Text:

Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Direct materials Conversion costs Total costs added Amount $ 12,000 During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. $ 310, 2001 396,800 $ 707,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40.000 units in work-in-process inventory. The units were 20 percent complete with respect to conversion costs. The Refining Department uses the FIFO method of process costing. The Mixing Department at the Grant Street Plant uses the weighted-average method of process costing. If the Mixing Department at the Plant had used the FIFO method, the amount of costs transferred in from Mixing would have been $164,450 for the amount transferred in this month. Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Direct materials Conversion costs Total costs added Amount $ 12,000 During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. $ 310, 2001 396,800 $ 707,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40.000 units in work-in-process inventory. The units were 20 percent complete with respect to conversion costs. The Refining Department uses the FIFO method of process costing. The Mixing Department at the Grant Street Plant uses the weighted-average method of process costing. If the Mixing Department at the Plant had used the FIFO method, the amount of costs transferred in from Mixing would have been $164,450 for the amount transferred in this month.

Answer rating: 100% (QA)

To complete the missing information in the Refining Department Production Cost Report using the FIFO ... View the full answer