3) Information for the Nichols Manufacturing Company for the month of May is as follows: Beginning work in process: Cost of Inventory at process, May 1 $5,010 Units, 800 Direct materials, 100% complete Conversion costs, 70% complete Units started in May, 14,000 Costs charged to Work in Process during May : Ending work in process inventory: Direct materials costs, $57,400 Units, 1,500 Direct labor costs, $20,049 Direct materials, 100% complete Factory overhead costs, $30,073 Conversion costs, 30% complete Prepare a cost of production report for the month of May, using the FIFO method.