3. Peter Company manufactures a single product and uses process costing. The following activity was recorded in the cutting department during July Production data: Units in process, July 1: materials 70% compete; conversion 30% complete 60,000 Units started in production: 550,000 Units in process, July 31: materials 90% complete, conversion 40% complete 50,000 Cost data Work in process inventory, July 1 Materials $28,000 Conversion $20,000 Cost added during July Materials $500,000 Conversion $400,000 The company uses the FIFO method. Required: repare a cost of production report - FIFO method