K The Sherron Processing Company had work in process at the beginning and end of March 2020 in its Painting Department as follows (Click the icon to view the work-in-process information) The company completed 76,000 units during March. Manufacturing costs incurred during March were direct materials costs of $200,000 and conversion coets of $300,000 try a March 1 was carried at a cost of $15,000 (direct materials, $5,000 and conversion costs, $10,000) Assuming Sherron uses FIFO costing, determine the equivalent units of work done in March, and calculate the cost of units completed and the cost of units in ending inventory Begin by entering the physical units in first, then calculate the equivalent units any complete as carried at Sherron use Data table Percentage of Completion Direct Materials Conversion Costs entering the p March 1 (30,000 units) 40% 10% March 31 (20,000 units) 80% 35% Flow process, begin Cluring current unt for Red and transferred out dunng current period m beginning work in process Print Done Xis costs of $200,000 and conversion st of units completed and the cost off Time Remain Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Work in process, beginning Started during current period To account for Completed and transtemed out during current period From beginning work in process Started and completed MB Time F Assuming Sherron uses IP Cosuny, per Started and completed Work in process, ending Accounted for Equivalent unts of work done in current period Next, summarize the total costs to account for Total Production Costs Direct Materials Conversion Costs Time R Assuming Sherron uses FIFO costing, determine the equivalent units of work done in March, and calculate the cost or un comp Production Costs Materials. Costs Total costs to account for Now calculate cost per equivalent unit for direct materials and conversion costs Direct Materials Conversion Costs Divide by M Time Remaining: 02 Feb 28 12 Production Costs Materials Costs Completed and transferred out: Total from beginning inventory Total costs of units completed and transferred out Total costs accounted for Time Remaining Feb 28