Chapter $17$ Practice Problem #$1$ Fall $2024$ The following information concerns production in the food processing department of ABC Corporation for the month of January $2024.$ All direct materials are placed in process at the beginning of production. All inventories are costed by the First In$,$ First Out Method. Work in process, Jan $1$: $33,100$ units Direct Materials costs for $33,100$ units Conversion costs for $33,100$ units, $90\%$ completed Total inventory in process, Jan $1$ Direct Materials Costs for Jan: $320,500$ units Conversion Costs for Jan Total production costs to account for Units Transferred Out in Jan includes: Units Transferred Out: Unknown Inventory in process Jan $31$: $125,600$ units $20\%$ completed as to Conversion Costs $ $289,500$ $ $460\mathrm{.}795$ $ $750\mathrm{.}295$ $ $3,605,625$ $ $3,908,275$ $ $8,264,195$ Unknown Unknown Directions: Use the above information to prepare the Cost of Production Report for the Month of Jan $31,2024$ using the First In$,$ First Out Method. Round dollars to two decimal points $[$Ex: $$36\mathrm{.}95].$ Step #$1$: Calculate Total units to be accounted for Step #$2$: Calculate Total units to be accounted for Step #$3$: Calculate Equivalent units for Direct Materials and Conversion Costs