Information for Nichols Manufacturing Company for the Month of May

Essay

Information for Nichols Manufacturing Company for the month of May is as follows:Beginning work in process:Cost of inventory at process, May 1$5,010Units, 800Direct materials, 100% completeConversion costs, 70% complete?Units started in May, 14,000Costs charged to Work in Process during May:Ending work in process inventory:Direct materials costs, $57,400Units, 1,500Direct labor costs, $20,049Direct materials, 100% completeFactory overhead costs, $30,073Conversion costs, 30% complete?Prepare a cost of production report for the month of May, using the FIFO method.