Equivalent Units and Product Cost ReportFIFO MethodIn its first month's operations $($January$).$ Allred Company's Department $1$ incurred charges of $$120,000$ for direct materials $(10,000$ units$),$ $$33,000$ for direct labor. and $$58,000$ for manufacturing overhead. At month$-$end. $8,800$ units had been finished and transferred out. The remaining uiAssuming Allred 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 costs.b$.$ The cost per equivalent unit for material and conversion costs.c$.$ The total cost assigned to the units transterred outd. The total cost assigned to the ending inventory.Allred company. Depan mentEquivalent Units Calculations, JanuaryEquivalent UnitseiniJanuaryUtrec$\%$ inJanuaryconversion

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Equivalent Units and Product Cost Report$-$FIFO Method

In is Tirst month's operations $($January$)$ Nlred Compary's Department $1$ incurred charges of $$120,000$ for direct materlals $(10,000$ units$)$ s$33,000$ for direa lab

Assuming Alred uses the FIFO method and that materials are added at the beginning of the process and conversion cosis occur evenly, compute the lollowing

a$.$ The equivalert units for material and corvension cose$.$

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

c$.$ The tolal cost assigned to the units uranslerred out.

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

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

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