EXERCISE 4 FIFO METHOD, ASSIGNING COSTS. Refer to the information in Exercise 3. Required Do Exercise 4 using the FIFO method. Note that you first need to calculate the equivalent units of work done in Ehe current period (for direct materials and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. EXERCISE 5-STANDARD-COSTING METHOD, ASSIGNING COSTS. Refer to the information in Exercise 4. Suppose Bio Doc determines standard costs of $6.60 per equivalent unit for direct materials and $10.40 per equivalent unit for conversion costs for both beginning work in process and work done in the current period. Required 1. Do Exercise 5 using the standard-costing method. Note that you first need to calculate the equivalent units of work done in the current period (for direct materials and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. EXERCISE 4 FIFO METHOD, ASSIGNING COSTS. Refer to the information in Exercise 3. Required Do Exercise 4 using the FIFO method. Note that you first need to calculate the equivalent units of work done in Ehe current period (for direct materials and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. EXERCISE 5-STANDARD-COSTING METHOD, ASSIGNING COSTS. Refer to the information in Exercise 4. Suppose Bio Doc determines standard costs of $6.60 per equivalent unit for direct materials and $10.40 per equivalent unit for conversion costs for both beginning work in process and work done in the current period. Required 1. Do Exercise 5 using the standard-costing method. Note that you first need to calculate the equivalent units of work done in the current period (for direct materials and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process