nuing cts and By em 1 em 2 Prepare a cost of production summary for the month. P6-9. Cost of Units Completed and Ending Inventory; FIFO Method 360 LO4 Clearwater Candy Co. had a cost per equivalent pound for the month of $4.56 for materials, $1.75 for labor, and $1.00 for overhead. During the month, 10,250 lb were completed and transferred to finished goods. The 3,200 lb in ending work in process were 100% complete as to materials and 60% complete as to labor and overhead. At the beginning of the month, 1,500 lb were in process, 100% complete as to materials and 50% complete as to labor and overhead. The beginning inventory had a cost of $8,775. Clearwater uses FIFO costing Required: 1. Calculate the cost of the pounds completed and transferred to finished goods. 2. Calculate the cost of the ending work in process, P6-10. Weighted Average and FIFO Cost Methods; Losses at the Beginning and End of Processing