The Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data for the company for February 2012 are given below.
Production Data:
In process, beginning of month (20% converted) 1,000 units
Started during February 5,000 units
Completed and transferred out 4,500 units
In process, end of month (60% converted) 1,500 units
Manufacturing costs:
Work in process, beginning of month $ 14,730
Materials $45,000
Direct labor costs $102,960
Factory overhead costs $51,480
Required:
Prepare a cost of production report for February 2012 using FIFO process costing.