Fill in the unknowns:

* Degree of completion: direct materials, 80%; conversion costs, 40%.
† Degree of completion: direct materials, 40%; conversion costs, 10%.

Transcribed Image Text:

(Step 2) Equivalent Units (Step 1) PhysicalUnits Materials Direct Conversion Flow of Production in Units Costs Work-in-process, beginning inventory 20,000* Started 45,000 To account for 65,000 Completed and transferred out Work-in-process, ending inventory 2,000f Units accounted for 65,000 Work done to date Less: Equivalent units of work from previous periods included in beginning inventory Work done in current period only (FIFO method)