(3.) the p ] hen read unifo Requi sing FIFO method

(3.) TIP Inc. operates two departments in the process of its products. two months were made available for de artments A and B: JULY Units: In Process, Jul 1 Sta e of com letion Placed in Process Transferred to next de In Process, Jul 31 Sta e of com letion Costs: Costs, In Process, Jul Cost incurred in Jul Materials Labor Facto Overhead 1 AUGUST Units: Placed in Process Transferred to next de t. In Process, Au st 31 Sta e of com letion Costs: Cost incurred in Au st: Materials Labor Facto Overhead Department A applies all costs uniforrnly. 2,000 3/4 25,000 5,000 3/10 Amount P 3,250 8,750 2,500 1,250 35,000 10,000 3/20 Amount P 10,500 3,000 1,500 The following data for 5,000 25,000 3/5 Amount P 7,500 26,500 52,000 26,000 10,000 2/5 Amount P 25,000 52,000 39,000 Department B applies 30% of the materials at the beginning of the process, 30% when the process is 1/2 completed and 40% at the end of the process. It applies labor and overhead uniformly throughout the production. Required: Prepare a cost of production report for each month and for each department using FIFO method.