Units started and Completed $160,000$Conversion: $$1\mathrm{.}27$ per EU$8/31/2023$ EB WIP $$128,097$Supreme Manufacturing was founded over $35$ years ago in East Brunswick, NJ$.$Supreme$$s Muy Refresc$$ de Tropical line of Horchata, Tamarindo, and Jamaica drinksare lovingly re$-$created from Latino recipes handed down through the generations. TheMuy Refresc$$ de Tropical line uses only natural cinnamon, vanilla, rice, tamarind root,and hibiscus flower, and is sweetened only with all$-$natural cane sugar. A long$-$timecultural favorite, the popularity of Horchata, Tamarindo, and Jamaicas has exploded inrecent years. This is due to both the general market$$s exposure to aguas frescas, andthe rapid growth of the Latino market$$s population and buying power. The U$.$S$.$ Latinopopulation is currently growing faster than the general market with growth of $43\%$ overthe last $10$ years$$or $16\mathrm{.}3\%$ of the entire U$.$S$.$ population. Along with this growth, a newawareness of the potential health dangers of processed, sugary foods has emergedacross all markets. Muy Refresco$$ de Tropical$$s natural ingredients and real cane sugarmean they$$re free of fat, cholesterol, caffeine, lactose, and gluten. Supreme$$s Horchata,Tamarindo, and Jamaica: a naturally delicious, healthier alternative to today$$s sugarysodas.Each flavor is available in $64$ fl$.$ oz$.$ bottles and sold for $$12$ each. The first stage in theproduction process is carried out in the Mixing Department, which removes foreignmatter from the raw materials and mixes them in the proper proportions in large vats.The company uses the FIFO method in its process costing system. Production data forthe month of August appears below:Production data:Units in process, August $1($materials $90\%$ complete;conversion $80\%$ complete$)......................30,000$Units started into production. $.........................200,000$Units in process, August $31($materials $75\%$ complete;conversion $75\%$ complete$)......................40,000$Cost data:Work in process inventory, August $1$:Materials cost $...................................$ $$67,800$Conversion cost $.................................$ $$30,200$Cost added during the month:Materials cost $...................................$ $$579,000$Conversion cost $.................................$ $$248,900$

REQUIRED:$$ Part $1$: Prepare a complete $($including cost reconciliation$)$ FIFO production forAugust $31,2023$ report using the data from the Data Block. You will need tocalculate $$Units started and completed$.$ Use the Report Format template file forthe structure of the report that is on the $$Text FIFO Example$$ Excel file I haveprovided. The example uses correct Accounting formatting of reports $($$$,$ correctunderlining and double underlining$).$