Question: Using the data in E3-15, assume Royale Mortgage Company uses the FIFO method. Also assume that the applications in process on September 1 were 100%

Using the data in E3-15, assume Royale Mortgage Company uses the FIFO method. Also assume that the applications in process on September 1 were 100% complete as to materials (forms) and 40% complete as to conversion costs.

Instructions
(a) Determine the equivalent units of service (production) for materials and conversion costs.
(b) Compute the unit costs and prepare a cost reconciliation schedule.

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