The Cullumber Paint Co. uses a process costing system. You have been given the following selected information for July 2022:

	Units	Percent Complete
Beginning work in process inventory	7,500	70%
Units started	30,000
Ending work in process inventory	12,500	60%

The total cost of the beginning work in process inventory was $46,250, of which $8,750 was for direct labour costs. Overhead is applied on the basis of direct labour costs. During July, the company added $86,750 of direct materials, $63,130 of direct labour, and $75,756 of overhead to work in process inventory. All direct materials are added at the beginning of the process, and the conversion costs are incurred uniformly throughout the process.

Calculate the overhead rate.

• Overhead rate ? %

Calculate the direct materials, the direct labour, and the overhead cost components of the beginning work in process.

	Direct Materials	Direct Labour	Overhead
Components of beginning work in process inventory	$?	$?	$?

Calculate the number of equivalent units of production that would be used to establish the weighted-average costs for direct materials, direct labour, and overhead.

	Direct Materials	Conversion
Equivalent units of Production	? units	? units

Calculate the number of equivalent units of production that would be used to establish the FIFO costs for direct materials, direct labour, and overhead.

	Direct Materials	Conversion
Equivalent units of production	$ ?	$ ?

Assuming weighted-average is used, calculate the cost of goods completed and transferred out. (Round unit cost to 4 decimal places, e.g. 1.5259 and final answer to 0 decimal places, e.g. 125.)

Cost of goods completed and transferred out

$ ?

Assuming FIFO is used, calculate the cost of ending work in process inventory for direct materials, direct labour, and overhead. Show each component separately. (Round unit cost to 4 decimal places, e.g. 1.5259 and final answers to 0 decimal places, e.g. 125.)

	Direct Materials	Direct Labour	Overhead
Cost of ending work in process inventory	$ ?	$ ?	$ ?