No. 2 Payson Company produces a product that passes through two departments: Mixing and Cooking. Both departments use the weighted average method. In the mixing department, all direct materials are added at the beginning of the progress. All other manufacturing inputs are added uniformly. Payson uses the weighted average method. The following information pertains to the Mixing department for February: (a) Beginning work in progress (BWIP), February 1: 100, 000 pounds, 100 percent complete with respect to direct materials and 40 percent complete with respect to conversion cost. The costs assigned to this work are as follows: Direct Material Direct labor Overhead $ 20,000 10,000 30,000 (b) Ending work in process (EWIP), February 28: 50,000 pounds, 100% complete with respect to direct materials and 60% complete with respect to conversion costs. (c) Units completed and transferred out: 370,000 pounds. The following costs were added during the months: Direct materials Direct labor Overhead $211,000 100,000 270,000 Requirement: Prepare a cost of production report using FIFO costing in standard format (with calculation of physical and equivalent unit, cost per equivalent unit and assignment of cost)