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The following information was taken from the books and records of Genius Co. for the month of Januarv, 1997: Required: Prepare the cost of production
The following information was taken from the books and records of Genius Co. for the month of Januarv, 1997: Required: Prepare the cost of production report (COPR) for January 1997 using (a) FIFO Method - even application of costs, and (b) FIFO Method - uneven application of material costs assuming that 50% of the materials are added at the start of the process; 30% when the process is 1/2 completed; and, the balance when the process is 3/4 completed. Conversion costs are applied evenly/uniformly
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