| Cost reporting using FIFO Method
Prepare a cost of production report for the Cutting Department of Ivy Inc. for March of the current fiscal year using the FIFO costing method and the following data. All materials are introduced at the beginning of the process, and conversion costs are incurred evenly throughout the process.
Inventory, March 1, 5,000 units, 30% completed $37,025
Direct Materials, 21,000 units $105,000
Direct Labor $176,358
MFG Overhead $120,003
Inventory, March 31, 6,000 units, 60% completed
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Linear Mode
