Chapter 17 Practice Problem \#1 Fall 2023 The following information concerns production in the food processing department of Happiness Corporation for the month of July 2022. All direct materials are placed in process at the beginning of production. All inventories are costed by the First In, First Out Method. Directions: Use the above information to prepare the Cost of Production Report for the Month of July 31, 2022 using the First In, First Out Method. Round dollars to two decimal points [Ex: \$36.95]. 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 Step \#4: Calculate the Cost per Equivalent Units \& Total Costs Step \#5: Assign Costs to: Work in Process, July 1; Started \& Completed; Work in Process, July 31