4) Midex Limited, a soap manufacturer, uses a FIFO process costing system. The following information for the month of March is obtained: Opening Work in Progress (March 1) Costs incurred during March: Materials used Labour Costs Overhead Costs $ 697,600 $110,000 $196,850 $ 54,000 The production records showed that there were 15,000 units in the opening work in progress, 30% complete as to conversion costs. 320,000 units were introduced to the production and there were 12,500 unfinished at the end of the period. These ending WIP units were 40% complete with regard to conversion costs. All Materials are added at the beginning of the process. Required: a) Prepare a production cost report for the month of March. 25 Marks