FIFO

1) The following information has been extracted from the books of the Orinoco Company Limited, which operates a FIFO Process Costing system, for the month of December 2019. Opening Work in Process 8,000 units (70 % complete as to direct materials and 80% complete As to Conversion costs) Units introduced to production for the month 31,000 Units Closing Work in Process 13,000 Units (60% complete as to direct materials and 80% complete As to conversion costs) The relevant Costs for the month are: Opening Work in Process $ 59,000 Direct Materials used for the month $ 82,500 Conversion costs for the month $ 102,000 Required: a) Prepare a Production Cost Report for the month of December 2019 20 Marks