Question 3 (10 Marks) Cost per equivalent unit; Weighted average and FIFO Woodchuck Timber Pty Ltd grows, harvest and processes timber for use in the building industry. The following date relate to the company's sawmill during June: Work in Process, 1 June Direct material Conversion 130 000 360 000 Cost incurred during June Direct material Conversion 850 000 1 380 000 The equivalent units for June were as follows Direct material Conversion Weighted average 14 000 3480 FIFO 8500 2000 Required Calculate the cost per equivalent for both direct material and conversion during June. Use weighted average process costing 1. 2. Repeat requirement 1 using the FIFO method