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Question
Nichols Manufacturing Company has one processing department with information for the month of May as follows:
| May 1 WIP, 800 units, 70% completed | $5,010 |
| Units started, 14,000 units | |
| Direct materials | 57,400 |
| Direct labor | 20,049 |
| Factory overhead | 30,073 |
All direct materials are added at the beginning of the process. During May, the units in process on May 1 were completed. Of the 10,000 units started, all were completed except 1,500 units that were 30% completed as to conversion costs. Inventories are costed by the first-in, first-out method.
Prepare a cost of production report for May.
Answer
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