Because you are such an industrious cost accountant, you decide to return to the office tonight and finish the cost of production report you started during regular working hours. However, to your dismay, you find that the safe is locked up and you forgot to bring your keys. After extracting the work sheet from your drawer, you are delighted to find the following figures already recorded on it:

You remember that management was quite concerned that material cost had increased $0.05 per unit and conversion costs had an increase of $0.10 per unit from last period.
Required:
Prepare a cost of production report using FIFO costing.

Transcribed Image Text:

Value of beginning inventory (880 units): Bowden Company Material (1/4 stage of completion).. Conversion costs (2/5 stage of completion) Units transferred Units in ending inventory (having 1/3 material and 1/5 conversion costs) $242 $704 4,000 750