Cost of Production Report under FIFO Method of Process Costing

Cost of Production Report — FIFO Method:

 Syracuse Ceramics, Inc. operates three departments in the production of its product — Molding, Painting, and Firing. During the month of August, the Painting Department transferred 12,400 units to the Firing Department, lost 500 units, and had 800 units in process at the end of August. There were 2,400 units in process on August 1 in the Painting Department. The remaining units started in the Painting Department during August were received from the Molding Department. The costs incurred during the month of August in the Painting Department were: Materials -$5,886 ; Labor- $7,830 ;and Factory Overhead- $1,134. 

The work in process inventory on August 1 was $6,656, and the costs transferred to the Painting Department from the Molding Department amounted to $23,797.80. The Painting Department work in process inventory was three fourths complete on August 1 and one fourth complete on August 31.

Required: A cost of production report for the Painting Department for the month of August, using the first-in, first-out (FIFO) method of accounting for beginning inventories. All computations are to be carried to four decimal places where necessary.