Process costing fifo costing method- using the fifo costing

Question

Assignment- Process Costing: FIFO Costing Method

Canned fruits and vegetables are the main products made by Yummy Foods, Inc, All direct materials are added at the beginning of the Mixing Department's process. When the ingredients have been mixed, they go to the Cooking Department There the mixture is heated to IOW Celsius and simmered for 20 minutes. When cooled, the

LAnixture goes to the Conning Department for final processing. Throughout the opera-dons, direct labor and overhead costs are incurred uniformly. No direct materials are added in the Cooking Department_ Cost data and other information for the Mixing Department for January are as follows.

Production Cost Data                                              Direct Materials              Conversion Costs
Mlxing Department:
Beginning inventory                                                      $ 28,560                        $ 5,230
Current period costs                                                      450,000                          181_,200
Work in process inventory:
Beginning inventory (40% complete in prior period)          5,000 liters
Ending inventory (60% complete)                                   6,000 liters
Unit production data:
Units started during January                                          90,000 liters
Units transferred out during January                               89,000 liters

Assume that no spoilage or evaporation loss took place during January.

REQUIRED

I. Using the FIFO costing method, prepare a process cost report for the Mixing Department for January.

2. ACCOUNTING CONNECTION- Explain how the analysis for the Cooking Depart­ment will differ from the analysis for the Mixing Department..

Attachment:- Yummy-Food-Inc-Cost-Report.rar