Using the Microsoft Excel kindly prepare a cost production report under the FIFO method

Also use the following formula

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Paper needs Inc. has the following production data for the month of June 20xx

toy se- AGWI Met Word QUANTITY SCHEDULE Work-n process, beginning Transferred to next department Work in process, end DEPARTMENTI Percentage of Units completion 15,000 2/3 complete 30,000 5,000 2/5 complete DEPARTMENT II Units Percentage of completion 9,000 1/3 complete 8,000 7/8 complete DEPARTMENTI DEPARTMENT II P18,000 COST ANALYSIS Work-in process, beginning Cost from preceding department Costs from this department Materials Labor Overhead P16,290 6,630 2,100 P7,992 3,996 2,664 Costs added this month Materials Labor Overhead P21,720 14,618 5,068 P61,272 46,620 31,080 In Department I, all materials are added at the start of the process, while labor and overhead are applied evenly throughout the process. In Department II, 50% of materials are added at the start of the process and the balance is added when the process is a completed. Conversion costs are applied uniformly to the process