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Short Problem: The Lannie Factory produces expensive boots. It has two departments, tanning and finishing departments, the process thems. During my the beginning work in process the ting Separtment was doni completa an to convenien und 100% complete as to direct materials. The beginning inventory included 56,000 for materials and SK,000 for conversion costs. Ending work-in-proces Inventory in the tunning department was 401 complete. Direet materials are added at the beginning of the prace Beginning work in process in the finishing department was 60% complete as to convence Beginning inventories included 57,000 for transferred sets and 510,000 for conversion costs Ending inventory was 30% complete. Additional information about the two departments follows Tanning Finishing Beginning work process units 5,000 4.000 Units started this period 14.000 Units transferred out this period 16,000 18.000 Ending work-in-process units 2.000 Material costs added $18,000 Conversion costs 32.000 $19.440 Transferred-out cost 48.000 Required: Complete the production cost worksheet below using FIFO.costing for the Finishing department Finishing Department FIFO Method Flow of production Physical Units Transferred to Work in process, beginning (WIP, beg.) Transferred in during current period To account for Conveni Equivalent units Transferred-Is Conveni Units completed and transferred out during current period: From beginning work in process Start and completed Work in process, ending Accounted for work done in current only Costs Transferred-Is Totals Conveni Costs Work in process, beginning Costs added in current period Total costs to account for Costs added in current period Divided by equivalent units Equivalent-unit costs (Cost per equivalent unit done in current 12 ompleted and transferred out Work in proces, beginning Costs added to be WIP in current Total from by Started and completed Toul costs of completion and transferts out Work in process, ending Total costs accounted for