COWBOY, INC. uses a process cost system, reports its inventory using the FIFO method, and began its operations on January 1. On January 31, it had 12 units in process. These units were 25% complete. The costs associated with the beginning work-in-process are $36. During February, 20 units were completed and transferred to finished goods. The current period (February) costs were $60. The ending work-in-process at February 28 consisted of 8 units which were 50% complete. Required: Calculate the following for both the average and the FIFO method (Round dollar amounts to the nearest cent): a. Equivalent units produced during February Average FIFO 24 b. Cost per unit for February Average FIFO 1 0 c. Number of units started and completed during February Average FIFO 0 d. Total cost of the units completed and transferred in February Average FIFO 1 e. Total cost of the beginning work in process inventory at March 1 Average FIFO $ 1 PATRIOTS, INC. opened a small manufacturing firm on January 1, 20X1. Sales and Cost data for PATRIOTS, INC. during the first two months of 20X1 are given below: January February Selling Price (per unit) $8 Fixed Costs (total) $20 $20 Variable Costs (per unit) $4 Number of units produced 10 10 Number of units sold 7 12 $3 Required: Calculate the following using the FIFO inventory method (Round to the nearest cent): a. PATRIOTS income for January Absorption Variable (Direct) Costing Costing $ 0 $ b. PATRIOTS income for February Absorption Variable (Direct) Costing Costing $ 0 $ 0 Calculate the following using the LIFO inventory method (Round to the nearest cent): C. PATRIOTS income for January Absorption Variable (Direct) Costing Costing 0 $ d. PATRIOTS income for February