Question #1 Taylor manufacturing uses a process cost system to manufacture Polo shirts for the tourism industry. The following information pertains to the operations for the month of June 2008. Units Beginning work-in-process inventory, June 1 16,000 Started in production during June 100,000 Completed production during June 92,000 Ending work-in-process inventory, June 30 24,000 The beginning inventory was 60 percent complete for materials and 20 percent complete for conversion costs. The ending inventory was 90 percent complete for materials and 40 percent complete for conversion costs. Costs pertaining to the month of June are as follows: Beginning inventory costs are: Materials $54,560 Direct Labour $20,320 Factory Overheads $15,240 Costs incurred during June are: Materials used $468,000 Direct Labour $182,880 Factory Overhead $391,160 Required: a) Using the first-in, first-out (FIFO) method, determine the equivalent units of production for materials and conversion cost, the equivalent cost per units etc. b) Using the Weighted average method, determine the equivalent units of production for materials and conversion cost, the equivalent cost per units etc