Petro Pure Corporation manufactures chemical additives for industrial applications. As the new cost accountant, you have been assigned the task of completing the production cost report for the most recent period. The company uses the FIFO method of process costing. The following information is for the most recent period:

Prepare a production cost report using FIFO.

Production DataUnits

Beginning WIP inventory (75% complete in terms of materials; 70% complete in terms of conversion costs) 18,000

Units started into production this period 27,000

Units completed and transferred out 33,000

Ending WIP inventory (60% complete in terms of materials; 50% complete in terms of conversion costs) 12,000

Cost Data

Beginning inventory:

Materials $ 32,000

Conversion costs 64,000

Current period:

Materials 252,000

Conversion costs 440,000

Instructions Prepare a complete production report for the period using the FIFO method. (Round the cost per equivalent unit to three decimal places; round the costs in the cost report to the nearest dollar.)

Equivalent units:

materials 26,700

conversion 26,400

Cost per equivalent

unit (total) $ 26.105

Ending WIP $167,954