PLEASE SHOW WORK IN EXCEL TEMPLATE

1) The following information has been extracted from the books of the Orinoco Company Limited, which operates a FIFO Process Costing system, for the month of December 2019. 8,000 units Opening Work in Process (70 % complete as to direct materials and 80% complete As to Conversion costs) 31,000 Units 13,000 Units Units introduced to production for the month Closing Work in Process (60% complete as to direct materials and 80% complete As to conversion costs) The relevant Costs for the month are: Opening Work in Process Direct Materials used for the month Conversion costs for the month $ 59,000 $ 82,500 $ 102,000 Required: a) Prepare a Production Cost Report for the month of December 2019 20 Marks D E F G H 1 FIFO 2. 3 Step 1: Physical flow of Units 4 5 Beg. WIP 6 Units Started 7 To Account for: B 9 Beg. WIP 10 Units Started & Completed 11 Ending WIP 12 To Account for: 13 14 Step 2: Determination of tqvivalent Units 15 16 17 18 Beg. WIP 19 Started and completed 20 Ending WIP 21 22 23 Step 3: Cost per Equivalent Unit 24 25 Dey, WIP 26 Costs Added 27 28 / Equivalent Units 29 30 Cost per Equivalent Unit Physical Units Equivalent Units DM Units CC Units % DM CC Done in prior period $ 5 S 32 33 Step 4: Assigning Costs $ $ S $ 5 $ 35 Cost of Completed Units 36 Beg. WIP 37 Costs Added 38 39 CC 40 41 Started & Completed 42 43 44 Cost of Completed Units 45 46 Ending WIP 47 48 49 Cost of Ending WIP 50 51 Total Costs Assigned 52 $ 5 5 $ $ + Sheet1