Question: Take a look at the information provided below to help you calculate costs to products using the FIFO approach to costing. Just the two of

 Take a look at the information provided below to help you

Take a look at the information provided below to help you calculate costs to products using the FIFO approach to costing. Just the two of Us, Inc. has two production departments: Mixing and Packaging. The work flows as follows: MIXING DEPARTMENT >>>>> PACKAGING DEPARTMENT >>>>> WAREHOUSE All of the information regarding the mixing department for February is shown here. 100% of materials are added at the beginning of the process. Conversion resources (labor and overhead) are evenly added throughout the process. Total units started in February is 5,000 Physical Units Materials Conversion Beginning WIP inventory 1000 Units (40% complete) $8,500 $7,552 Ending WIP Inventory 400 Units (30% complete) Costs added in February S60,500 $130,872 1. Calculate the equivalent units with the FIFO method. 2. Calculate the cost per equivalent unit using the FIFO method. 3. Calculate the number of units completed and transferred to the packaging department in February. 4. Calculate the cost of goods transferred out and the ending WIP inventory using the FIFO method

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