Prepare cost of production report using fifo process costing


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.

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Accounting Basics: Prepare cost of production report using fifo process costing
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