Lofer's Company produces a product that passes through two departments: Mixing and Cooking. Both Departments use the weighted average cost system. In the Mixing Department, all direct materials are added at the beginning of the process. All other manufacturing inputs are added uniformly. The following information pertains to the mixing dept. for February:

a. Beg. WIP : 100,000 lbs. (100% materials ;40% complete conversion costs)

Direct Materials P20,000 Direct Labor 10,000 Overhead. 30,000

b. Ending WIP: 50,000 lbs. ( 100% complete materials ; 60% complete conversion costs)

C. Units completed and transferred out: 370,000 Ibs. The following costs were added during the month: Direct Materials P 211,000 Direct Labor 100,000 Overhead 270,000

Requirement: 1. Prepare the cost of production report that shows the physical flow of units, equivalent units of production, cost per equivalent units & cost reconciliation. 2. Repeat requirements using the FIFO method.