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The Laramie Factory produces expensive boots. It has two departments for tanning and finishing that process all the items. During January, the beginning work in process in the tanning department was half completed as to conversion, and complete as to direct materials. The beginning inventory included $18,000 for materials and $3,000 for labor and $2000 for conversion costs. Ending work-in-process inventory in the tanning department was 50% complete with respect to labor and 40% complete for another conversion cost. Direct materials are added at the beginning of the process. Beginning work in the process in the finishing department was 75% complete as to conversion. Direct materials are added at the end of the process. Beginning inventories included $16,000 for transferred-in costs and $20,000 for conversion costs. Ending inventory was 25% complete. Additional information about the two departments follows: Tanning Finishing Beginning work-in-process units 20,000 20,000 Units started this period 40,000 50,000 Units transferred this period 50,000 Ending work-in-process units 10,000 20,000 Material costs added $48,000 $28,000 Direct manufacturing labor $16,000 $40,000 Other conversion costs $ 8,000 $24,000

Required: Fill up the following table, using FIFO method for both the departments: (5 +5 +5 Marks)

Units Value ($) Transferred out Cost Finished goods Produced in July WIP to be reported at 31.07 in Balance Sheet

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