Directions:

The following data reports on the July production activities of the Molding department at Hickory Company. Prepare the Cost of Production Report using the FIFO method.

Directions
The following data reports on the July production activities of the Molding department at Hickory Company. Prepare the Cost of Production Report using the FIFO method.
									Direct Materials		Conversion
Beginning work in proces						Units		Percent Complete		Percent Complete
Direct materials	$ 18,550
Conversion	2,280		$ 20,830		Beginning work in process inventory	2,000		100%		20%
					Units started this period		32,500
Costs added this period					Completed and transferred out		32,000
Direct materials	357,500				Ending work in process inventory		2,500		100%		60%
Conversion	188,670		546,170
Total costs to account for		$ 567,000

Directions: Prepare the Cost of Production Report using the FIFO method from the information above.

Hickory Company - Molding Department
Cost of Production Report- FIFO Method
For Month Ended July 31
UNITS
	Whole Units		Equivalent Units
			Direct Materials	Conversion
Units to account for:
Beginning work in process
Units started this period
Total units to account for
Units to be assigned costs:
Beginning work in process
Units started and completed
Ending work in process
Total units accounted for
			Costs
			Direct Materials	Converstion	Total
COSTS
Cost per equivalend unit:
Costs added this period
Equivalent units of production
Cost per equivalent unit of production
Costs assigned to production:
Beginning work in process
Costs added this period
Total costs accounted for by the Molding dept.
Costs allocated to completed and partially
completed units:
Beginning work in process
To complete work in process
Costs of completed July 1 work in process
Started and completed in July
Transferred out in July
Inventory in process, July 31
Total costs accounted for