Equivalent Units and Product Cost Report$-$FIFO Method

In its first month's operations $($January$),$ Allred Company's Department $1$ incurred charges of $$120,000$ for direct materials $($

Assuming Allred uses the FIFO method and that materials are added at the beginning of the process and conversion costs c

a$.$ The equivalent units for material and conversion costs.

b$.$ The cost per equivalent unit for material and conversion costs.

c$.$ The total cost assigned to the units transferred out.

d$.$ The total cost assigned to the ending inventory.

e$.$ Prove that your solutions to requirements $($c$)$ and $($d$)$ sum to the total costs to be accounted for.

$\backslash$table$[[,\backslash$table$[[$ompany$,$ D$],[$Units Calcu$]],\backslash$table$[[$partment $1],[$ations$,$ Janu$]],,,],[,,$Equiva,nt Units,,$],[,\%$ in January,Direct Materials,$\%$ in January,Conversion Costs,$],[$Complete$/$Transferred$,,,,,],[$Beginning inventory,$\%,,\%,,],[$Started & completed,$\%,,\%,,],[$Ending inventory,$\%,,\%,,],[$Total$,,,$a$.,,$a$]]$

$\backslash$table$[[$Product Cost Report$],[$Direct$,],[$Materials$,]](\backslash$left$.\backslash$quad $\backslash$begin$\{$array$\}\{$c$\}$Conversion $\backslash$

Costs$\backslash$end$\{$array$\}\backslash$right$))$