2) Everglades Furniture uses a process cost system to account for its chair factory. Beginning inventory consisted of 5,000 units (100% complete as to material, 55% complete as to labor) with a cost of $124,800 materials and $104,500 conversion. 58,000 units were started into production during the month with material costs of $1,537,000 and $2,124,375 of conversion costs. The ending inventory of 6,000 chairs was 100% complete as to materials and 40% complete as to labor. Everglades uses first-in, first-out (FIFO) costing. Required: (HINT: use 4 decimal places in your calculations) Prepare a FIFO Cost of Production Report 3/18/19, 6:45 P Page 1 of tps://mail-attachment.googleusercontent.com/attachment/u/o..ZxUCa6OpVRwSFIS8vQBrLFasyclboMLkQqtGh2GuEe7uunhSBw