5. The Laramie Factory produces expensive boots. It has two departments, tanning and finishing departments, which process all the items. During January, the beginning work in process in the tanning department was 40% complete as to conversion and 100% complete as to direct materials. The beginning inventory included $6,000 for materials and $18,000 for conversion costs. Ending work-in-process inventory in the tanning department was 40% complete. Direct materials are added at the beginning of the process. Beginning work in process in the finishing department was 60% complete as to conversion. Beginning inventories included $7,000 for transferred-in costs and $10,000 for conversion costs (no direct materials are required for finishing department). Ending inventory was 30% complete. Additional information about the two departments follows: Tanning 5,000 14,000 16,000 Finishing 4,000 Beginning work-in-process units Units started this period Units transferred out this period Ending work-in-process units 18,000 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 (excel template is provided) Flow of production Physical Units Trans-In Conversion Work in process, beginning Transferred in during period To account for Completed and Transferred out During current period From Beg. WIP Start and Complete Work in process, ending Accounted for work done in current only Costs Work in process, beginning Costs added during period Total costs to account for Costs added in current Divided by equivalent units Equivalent-unit costs Totals Trans-In Conversion Assignment of costs Completed and transferred out WIP, beg Costs added to beg. WIP in current Total from beg. Started and completed Total costs of comp. & transf. out Work in process, ending Total costs accounted for