Reference no: EM132758545

Miami Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.

Work in process, beginning: Units in process ................................................................ 500
Stage of completion with respect to materials ................. 60%
Stage of completion with respect to conversion............... 70%
Costs in the beginning inventory: Materials cost ................................................................... $1,020
Conversion cost ................................................................ $8,925
Units started into production during the month ................10,000
Units completed and transferred out .................................9,600
Costs added to production during the month: Materials cost ................................................................... $31,488
Conversion cost ................................................................ $259,548
Work in process, ending: Units in process ................................................................ 900
Stage of completion with respect to materials ................. 60%
Stage of completion with respect to conversion............... 90%

Required:

Problem 1: Prepare a production report for the department using the FIFO method.