Equivalent Units and Product Cost ReportFIFO Method

The following data (and annotations) for March 2016 are for the work in process account of the first of Olympus Company's four departments used in manufacturing its only product.

Work in Process-Department 1
Beginning balance (3,000 units, 40% complete)	$63,700
Transferred to department 2 (23,000 units)	(a)
Direct material (24,000 units)	336,000
Direct labor	255,400
Manufacturing overhead	109,400
Ending balance [ (b) units, 25% complete]	(c)

Assuming that Olympus uses the FIFO method, that materials are added at the beginning of the process and that conversion costs are incurred evenly throughout, solve for the three missing numbers.

Round average cost per equivalent unit to two decimal places, if applicable. Round other answers to the nearest whole number, when appropriate.

Olympus Company, Department 1 Flow of Units and Equivalent Units Calculation, March 2016
		Equivalent Units
		% in March	Direct Materials	% in March	Conversion Costs
Complete/Transferred
Beginning inventory	Answer	Answer%	Answer	Answer%	Answer
Started & completed	Answer	Answer%	Answer	Answer%	Answer
Ending inventory	b. Answer	Answer%	Answer	Answer%	Answer
Total	Answer		Answer		Answer

Product Cost Report
			Direct Materials		Conversion Costs
Beginning Inventory	$Answer		$Answer		$Answer
Current	Answer		Answer		Answer
Total Costs to Account For	$Answer		$Answer		$Answer
Total Equivalent Units			Answer		Answer
Average cost / Equivalent unit			$Answer		$Answer
Beginning inventory
Costs incurred in Month 0	$Answer
Costs incurred in Month 1	Answer
Started and finished	Answer
Cost of Goods Manufactured	$Answer	a.
Ending Inventory:
Direct Materials	$Answer
Conversion costs	Answer
Cost of Ending Inventory	$Answer	c.
Total Costs Allocated	$Answer