Q.1.The Lara Factory produces expensive boots. It has two departments that process all the items. During January, the beginning work in process in the tanning department was 40% complete as to conversion and 100% complete as to direct materials. The beginning inventory included $6,000 for materials and $18,000 for conversion costs. Ending work- in-process inventory in the tanning department was 40% complete. Direct materials are added at the beginning of the process. Tanning Beginning work-in-process units 5,000 Units started this period 14,000 Units transferred this period 16,000 Ending work-in-process units ? Material costs added $18,000 $32,000 Direct manufacturing labor Other conversion costs $50,000 Required: Prepare a cost of production Report using FIFO for the finishing department