01 Feb Sky Brewery is a craft brewery that produces a spe
Sky Brewery is a craft brewery that produces a special light beer for ladies. The beer isprocessed sequentially in two departments (Department X and Department Y) before thefinal products are transferred to the finished goods store.On 1 February 2016, the work in process in Department Y consisted of 12,000 litreswhich were 80% completed. During the month, a total of 160,500 litres were started and148,500 litres were completed and transferred out. On 29 February 2016, 15,000 litresremained uncompleted. The ending work in process was 60% complete.The cost information for Department Y for the month of February:$Work in process, 1 February 2016Cost transferred in from Department X during FebruaryManufacturing costs added in Department Y during FebruaryDirect materials321,000Conversion costs541,275Total manufacturing costs, Department Y$80,000642,000862,2751,584,275In Department Y, direct material and transferred-in costs are added at the beginning of themanufacturing process. However, conversion costs are incurred evenly throughout themanufacturing process.Inspection at Department Y takes place when the products are 75% complete.Normal spoilage averages at 5% of the good units produced.The firm uses the FIFO method of process costing.Required:(a)(i)Compute the cost per equivalent unit for each product cost category inDepartment Y for the month of February.(ii)Calculate the cost of goods transferred to the finished goods store at the endof February from Department Y.(iii)Calculate the cost of abnormal spoilage for Department Y in February.(iv)Calculate the cost of ending work in process in Department Y at the end ofFebruary.(b) Pass all the necessary journal entries
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