Question 3: Train Co. utilizes process costing for its main product, toy trains. Data relating to toy trains processed in Department 1, Moulding, during August are presented as follows: Percentage Completed* 70% Work in Process, beginning Started into Process during Period Work in Process, ending relates to conversion costs Toy Trains 40,000 60,000 20,000 30% * related to conversion costs Materials are added at the beginning of the process in Department 1. Costs in beginning work in process inventory were $250,000 of direct materials and conversion cost of $500,000. Costs added during the period were $390,000 for direct materials and conversion costs of $780,000. The company uses the FIFO method of accounting for units. Required: a. Prepare a quantity schedule. b. Compute the equivalent units for the period according to the FIFO method of accounting for units. c. Calculate the cost per equivalent unit using the FIFO method. Round answer to two decimal places