WA & FIFO; cost of production report In a single-process production system, Phunky Phingers produces wool gloves. For November, the company's accounting records reflected the following 14.400 units 108,000 units 24,000 units Beginning WIP inventory (100% complete as to material; 30% complete as to direct labor, 60% complete as to overhead) Units started during the month Ending WIP Inventory (100% complete as to material 40% complete as to direct labor, 80% complete as to overhead) Cost Component November 1 During November Direct material 315.624 STOK 000 Direct labor 2.290 54.950 Overhead 5563 84989 Part A Part 8 a Labor Overhead Phunky Phingers Cost of Production Report (WA Method) For the Month of November Production Data: Units Beginning WIP inventory Units started Units to account for Units Material Beginning WIP Inventory Started & completed Ending WIP inventory (100%, 40%, 8096) Units accounted for Cost Data Total Material Beginning WIP Inventory $ $ $ Current costs Cost to account for $ $ Divided by EUP Cost per EUP $ $ Cost Assignment Transferred out $ Ending inventory: Material $ Direct labor Overhead Total cost accounted for Labor Overhead $ $ $ $ $ $ b. For November, prepare a cost of production report, assuming that the company uses the FIFO method. Note: Round the costs per EUP to the nearest two decimal points; use the rounded amounts in subsequent calculations Note: Other than costs per EUP, round all amounts to the nearest whole dollar. Labor Overhead Phunky Phingers Cost of Production Report (FIFO Method) For the Month of November Production Data: Units Beginning WIP inventory Units started Units to account for Units Material Beginning WIP Inventory (0%, 70%, 40%) Started & completed Ending WIP inventory (100%, 40%, 80%) Units accounted for CostData Total Material Beginning WIP Inventory $ Current costs 5 Cost to account for $ Divided by EUP Cost per EUP $ $ 5 Cost Assignment Transferred out Beginning WIP Inventory Complete beginning WIP Labor Overhead $ $ Total Material Labor Overhead $ $ $ $ $ $ $ $ $ Ending WIP inventory (100%, 40%, 80%) Units accounted for Cost Data: Beginning WIP Inventory Current costs Cost to account for Divided by EUP Cost per EUP Cost Assignment Transferred out: Beginning WIP Inventory Complete beginning WIP DL OH Started & completed Ending WIP Inventory: Material Direct labor Overhead Total cost accounted for $ $ $ $ $