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Prepare a production cost report using the fifo method

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Question - DowntonTractor Company manufactures small tractors on an assembly-line basis. The units are started in Department Y. On January 1 of this year, the Work-in-Process inventory of Department Y consisted of 200 units 100% complete as to materials and 20% complete as to conversion. During the month, 800 units were started and 500 units were completed and transferred out. The Work-in-

Process on January 31 was 100% complete as to materials and 20% complete as to conversion.
Costs in process at the beginning of the period amounted to $100,000 for materials and $25,000 for conversion. Costs added during the period were materials costs of $200,000 and conversion costs of $143,000.

Prepare a production cost report using the FIFO method.

Reference no: EM132052535

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