EXERCISE 7-8 FIFO FILL-IN The following is a partially completed cost of production report for Patvin Company for Department loot liest department), Parvin use the fifo method. The work in process in ventory is in the following stages of completion Direct materials--100 complete for beginning and ending inventories Conversion costs -70% complete us to beginning inventory and 454 complete as to ending Inventory Required: Cumplute the missing items Patvin Company: Cost of Production Report, FIFO. Department 1001 QUANTITIES Units to account for Beginning units in process 14,000 Units started in process (A) Units accounted for Units transferred to department 65,000 Ending units in process 75,000 EQUIVALENT PRODUCTION DIRECT MATERIALS 65.000 14.000 51.000 CONVERSION COSTS 65,000 14,000 51,000 Units completed and transferred to Department 2001 Beginning units in process Unit started and completed Amount needed to complete beginning work in process inventory Ending units in process Total equivalent units DI 0 (E) CH) BO PART 1 PRODUCT COSTING COSTS TO ACCOUNT FOR TOTAL EQUIVALENT EQUIVALENT COST PRODUCTION UNIT COST Work in process inventory beginning 5116,000 Costs added during the period Direct materials 100,000 0) Direct labor 85,000 IK Factory overhead 74,000 MO Total costs to account for $375,000 O SEED 5139.862 COSTS ACCOUNTED POR Transferred to next department From beginning inventory Inventory cost (P) Direct labor added (14,000 (0) (5) Factory overhead added 114.000 * (T) (U) M From current production Units started and finished (51,000 (W) Total transferred Work-inprocess inventory ending Direct materials (2) x 100% (AA) (88) Direct labor lica (DD) EDI (FF) Factory overhead (GG) ( H00 Total costs accounted for Da 1 27,351 5 KK