Question - Glass 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 the current month are as follows.
Production Data Units
In process, beginning of month (20% converted) 2,000
Started during current month 8,000
Completed and transferred to finished goods 5,500
In process, end of month (60% converted) 4,500
Manufacturing Costs
Work in process, beginning $21,450
Materials $54,000
Direct labor cost $105,000
Factory overhead cost $36,180
Required - Prepare a cost of production report for current month. Use FIFO process costing.