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