Q.4 The MST Manufacturing Company produces a single product that goes through one process only. The manufacturing cycle usually takes 18 days. This means that there will generally be some work in process inventories at the end of each month. The company started its manufacturing operations on 1st January and the cost of production for this month was as follows: Materials $41,412 Labor $32,054 Factory Overhead $24,552 The production statistics for the month were: Units completed and transferred to finished goods store 6,500 Units in Process (materials 40% and labor and overhead 25%) 1,600 Required: Prepare the statement showing the equivalent production quantity for the month in terms of materials, labor and factory overhead. Also, prepare cost of production report