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Please answer in detail preferably with an excel spread sheet TASK 2 - Calculate the cost of production using FIFO process costing Helios Industries uses

Please answer in detail preferably with an excel spread sheet

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TASK 2 - Calculate the cost of production using FIFO process costing Helios Industries uses FIFO process costing in accounting for its production activities. Materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. The production records for September indicate the following information: Quantities Beginning inventory in units (85% complete) 25,000 Units started during month 185,000 Transferred to finished goods 170,000 Ending inventory in units (65% complete) 40,000 Beginning inventory costs Direct materials cost $3,500 Direct labour cost $2,800 Factory overhead $9,600 Current month costs Direct materials cost $255,600 Direct labour cost $25,800 Factory overhead $75,200

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