Chapter $17$ Practice Problem #$4$The following information concerns production in the Packaging Department for ABC Corporation for the month ofJuly $31,2024.$ All direct materials are placed in process at the beginning of production. The company uses theFirst$-$In First$-$Out Method to calculate equivalent units.Work in Process, Inventory$-$Packaging DepartmentDATE ITEMJuly $13131$B$131$Bal., $126,900$ units, $1/3$ completedDirect Materials, $220,450$ unitsDirect Labor $220,450$ unitsFactory Overhead $220,450$ unitsGoods Finished, $167,350$ units$31$ Bal., units unknown, $3/4$ completedDR$1278,610\mathrm{.}001,250,000\mathrm{.}001545537\mathrm{.}50$CR$2,378,898\mathrm{.}00$DRBalanceCR$800,000\mathrm{.}002,078,610\mathrm{.}003,328,610\mathrm{.}004,874,147\mathrm{.}502,495,249\mathrm{.}502,495,249\mathrm{.}50$Instructions: Use the above information to prepare a Cost of Production Report for the month of July $31,2024.$