FIFO cost of production report Gander Products uses a process costing system to accu- mulate product costs.
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FIFO cost of production report Gander Products uses a process costing system to accu- mulate product costs. The Fabricating process center is the first process center in the production of bronze lighters.
November's beginning work in process inventory is 8,000 units with all material and 75 percent conversion. Beginning inventory costs include $12,000 for materials, $6,000 for labor, and $3,000 for applied overhead. There were 64,000 units started in November, with material costs of $102,400, labor costs of $63,825, and applied manufacturing overhead of $36,075. Ending work in process was 14,000 units with all materials and 25 percent conversion. The FIFO inventory method is used.
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