Exercise 6-34 (Algo) Equivalent Units; Weighted-Average and FIFO Equivalent Unit Cost [LO 6-2, 6-3, 6- 4, 6-5) Pablo Company calculates the cost for an equivalent unit of production using process costing. Data for June Work-in-process inventory, June 1: 27,000 units Direct materials: 100% complete Conversion: 40% complete Balance in work-in-process, June 1 Units started during June Units completed and transferred out Work-in-process inventory, June 30 Direct materials: 100% complete Conversion: 80% complete Costs incurred during June Direct materials Conversion costs Direct labor Applied overhead Total conversion costs $ 54,000 21,600 $ 75,600 63,400 63,400 27,000 $ 215,560 215,560 266, 280 $ 481,840 Required: 1. Compute the cost per equivalent unit for both the weighted average and FIFO methods. (Round your answers to 3 decimal places.) Weighted Average Cost FIFO Cost per EU per EU Direct materials Conversion Total cost Exercise 6-35 (Algo) FIFO Method [LO 6-2, 6-3, 6-5] Taxes R Us (TRU), an income tax preparation firm, uses the FIFO method of process costing for its monthly reports. TRU has no materials cost in the preparation of the returns. The following shows its March information: Returns in process, March 1 (30% complete) Returns started in March Returns in process, March 31 (90% complete) Labor and overhead costs for returns in process, March 1 Labor and overhead costs incurred in March 140 1,800 280 $ 3,500 $ 121,550 Required: Calculate the following amounts for conversion costs using the FIFO method: 1 2. Number of equivalent units (tax returns) Cost per equivalent unit Cost of completed tax returns for the month of March Cost of tax returns in process as of March 31 3 4