! Required information [The following information applies to the questions displayed below.] Pacific Ink had beginning work-in-process inventory of $748,960 on October 1. Of this amount, $306,920 was the cost of direct materials and $442,040 was the cost of conversion. The 50,000 units in the beginning inventory were 25 percent complete with respect to both direct materials and conversion costs. During October, 106,000 units were transferred out and 32,000 remained in ending inventory. The units in ending inventory were 75 percent complete with respect to direct materials and 35 percent complete with respect to conversion costs. Costs incurred during the period amounted to $2,491,000 for direct materials and $3,203,820 for conversion Required: a. Compute the equivalent units for the materials and conversion cost calculations. b. Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. Complete this question by entering your answers in the tabs below. Required A Required B Compute the equivalent units for the materials and conversion cost calculations. Equivalent units for materials Equivalent units for conversion costs Required B Required A Compute the cost per equivalent unit for direct materials and for conversion costs using the FIFO method. (Round your answers to 2 decimal places.) Cost Per Equivalent Unit Direct materials Conversion costs

In case of any clarification, please do comment. Thank you. 1 FIFO Method Percent Complete Material Conversion 25% 25% 100% 100% 35% 75% Material Conversion 3,06,920.00 4,42,040.00 24,91,000.00 32,03,820.00 3 Unit Information Units 4 Units in beginning WIP Inventory (all completed this period) 50000 5 Units started and completed during this period 56000 6 Units started and partially completed during this period 32000 7 138000 8 Cost Information 9 Costs in beginning WIP Inventory 10 Costs incurred during the period 11 12 Production Cost Report 13 Step 1: Equivalent Units Production 14 Units to be accounted for Physical Units 15 Units in beginning WIP Inventory 50000 16 Units started during this period 88000 17 Total Units to be accounted for 138000 18 19 Units accounted for: Physical Units 20 Units from beginning inventory transferred out 50000 21 Units Started and Transferred out 56000 22 Units in ending WIP Inventory 32000 23 Total units accounted for 138000 Material 37500 56000 24000 117500 Conversion 37500 56000 11200 104700 24 Material Conversion Total 24,91,000.00 24,91,000.00 32,03,820.00 56,94,820.00 32,03,820.00 56,94,820.00 25 Step 2: Costs to be accounted for 26 Costs to be accounted for: 27 Costs in beginning WIP Inventory 28 Costs incurred during the period 29 Total Costs to be accounted for 30 31 Srep 3: Cost per Equivalent Unit 32 Total Costs to be accounted for (a) 33 Total equivalent Units accounted for (b) 34 Cost per Equivalent Unit (a/b) Material 24,91,000.00 117500 21.2 Conversion 32,03,820.00 104700 30.6 1 FIFO Method Percent Complete Material Conversion 0.25 0.25 2 3 Unit Information 4 Units in beginning WIP Inventory (all completed this period) 5 Units started and completed during this period 6 Units started and partially completed during this period 7 8 Cost Information 9 Costs in beginning WIP Inventory 10 Costs incurred during the period Units 50000 =J7-06-14 32000 138000 0.75 0.35 Material 306920 2491000 Conversion 442040 3203820 11 Production Cost Report 12 13 Step 1: Equivalent Units Production 14 Units to be accounted for 15 Units in beginning WIP Inventory 16 Units started during this period 17 Total Units to be accounted for Physical Units =J4 =J5+J6 =SUM(115:116) 18 Physical Units Material Conversion =J4 =J20*(100%-K4) = 20*(100%-L4) =J5 =J21*K5 =J21*L5 =J22*K6 =J22*16 =SUM(J20:J22) =SUM(K20:K22) =SUM(L20:L22) =J6 19 Units accounted for: 20 Units from beginning inventory transferred out 21 Units Started and Transferred out 22 Units in ending WIP Inventory 23 Total units accounted for 24 25 Step 2: Costs to be accounted for 26 Costs to be accounted for: 27 Costs in beginning WIP Inventory 28 Costs incurred during the period 29 Total Costs to be accounted for 30 31 Srep 3: Cost per Equivalent Unit 32 Total Costs to be accounted for (a) 33 Total equivalent Units accounted for (b) 34 Cost per Equivalent Unit (a/b) Material Conversion Total =SUM(127:K27) =K10 =L10 =SUM(128:628) =SUM(127:128) =SUM(K27:K28) =SUM(L27:L28) Conversion =K29 Material =J29 =K23 =J32/133 =L23 =K32/K33 .