#3 - Five Step Procedure for Process Costing (20 points): The following information pertains to one department under a process costing system: Work in process, 12/1/07 1,000 units, 40% complete, consisting of $8,703 of materials and $5,036 of conversion costs. Production completed for December 8,200 units. Work in process, 12/31/07 800 units, 20% complete. All materials were introduced at the start of the process while conversion costs are incurred uniformly throughout the process. Materials added during December were $72,000; conversion costs were $83,580. There is no spoilage in this process. Required: Using FIFO, show a schedule of equivalent units, unit costs, and a summary of costs. Read the problem carefully everything you need to solve it is shown