Chapter 6 Systems Design: Process Costing eXcel PROBLEM 6A-8 Equivalent Units; Applying Costs-FIFO Method ILO6. LOZ Lo method, Th company's product goes through two processing departments, Etching and WiringThe Jones Company manufactures a single product and uses process costing (FIFO m ring. The f ing activity was recorded in the Etching Department during July Production data: Units in process, July 1 (materials 60% complete, conversion 30% complete). Units started into production. Units in process, July 31 (materials 80% complete: conversion 40% complete) 5000 onion 40% com 60000 Cost data Work in process inventory, July t Materials cost... Conversion cost $7000 $3,000 Cost added during July Materials cost.... Conversion cost .. Materials are added at several stages during the etching process. The company uses the FIFO method. Required: 1. Compute the equivalent units of production. 2. Compute the costs per equivalent unit for July 3. Determine the cost of ending work in process inventory and of the units transferred to the Wiring Department. 4. Prepare a cost reconciliation between the costs determined in (3) above and the cost d he cost of beginning inventory and costs added during the period