Prepare a Production Cost Report: FIFO Method

In the template, prepare a production cost report using the FIFO method. Show all calculations and explain briefly. Scenario? Lamar, Inc. provides the following information for one of its department’s operations for May (no new material is added in Department T): Lamar, Inc.: WIP Inventory: Department T Item Value Beginning Inventory (16,500 units, 60% complete with respect to Department T costs) Transferred-in Costs (from Department S) $127,600 Department T Conversion Costs $58,465 Current Work (38,500 units started) Prior Department Costs $308,000 Department T Costs $229,955 Complete the following: Prepare a production cost report using the FIFO method. Include an introduction.