Easy Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process 1300? Percent complete with respect to materials 90?%Percent complete with respect to conversion 10?%Costs in the beginning inventory: Materials cost$1894.00? Conversion cost$1486.00? Units started into production during the month 24,400? Units completed and transferred out 24,500? Costs added to production during the month: Materials cost$71,721? Conversion cost$543,348? Work in process, ending: Units in process 1200? Percent complete with respect to materials?70?%Percent complete with respect to
conversion 70?% Required: Using the FIFO method:a. Determine the equivalent units of production for materials and conversion costs.b. Determine the cost per equivalent unit for materials and conversion costs.c. Determine the cost of ending work in process inventory.d. Determine the cost of units transferred out of the department during the month.??MaterialsConversiona.Equivalent units of production??b.Cost per equivalent unit??c.Cost of ending work?d.Cost of units transferred out?
What will be an ideal response?
| ? | ? | Materials | Conversion |
| a. | Equivalent units of production | 24,170? | 25,210? |
| b. | Cost per equivalent unit | $2.97? | $21.55? |
| c. | Cost of ending work | 20,597? |
| d. | Cost of units transferred out | 597,844? |
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