Equivalent Units and Product Cost Report - FIFO Method

In its first months operation, (January 2019), Allred Company's Department 1 incurred charges of $120000 for direct materials (10000 units), $33000 for direct labor, and $58000 for manufacturing overhead. At month-end, 8800 units had been finished and transferred out. The remaining units were finished with respect to materials but only 25% complete with respect to conversion costs.

Assuming Alred uses the FIFO method and that materials are added at the beginning of the process and conversion costs occur evenly, compute the following: a. The equivalent units for material and conversion. b. The cost per equivalent unit for materiat and conversion c. The total cost assigned to the units transferred out. d. The total cost assigned to the ending inventory. e. Prove that your solubions to requirements (c) and (d) sum to the total costs to be accounted for