Refer to the preceding problem, E7-12. Using FIFO, answer the same questions.

Data From Exercises 12

Earthtones Paint Company uses a process-cost system. Materials are added at the beginning of a particular process, and conversion costs are incurred uniformly. Work-in-process at the beginning of the month is 40 percent complete; at the end, 20 percent.

One litre of material makes one litre of product. Data are as follows:

Beginning inventory .....................................................................550 litres
Direct material added ...............................................................7,150 litres
Ending inventory ...........................................................................400 litres
Conversion costs incurred .............................................................$34,986
Cost of direct materials added.......................................................$65,340
Conversion costs, beginning inventory .........................................$ 1,914
Cost of direct materials, beginning inventory ..............................$ 3,190