3. The Valley Company has two manufacturing departments, assembly and painting. The company uses the FIFO method of process costing. A summary of cost information for the assembly department is reflected below. Assembly Dept Units % of DM Added % of Conversion Added Beginning WIP Units Transfer Out Ending WIP 25,000 295,000 30,000 60% 100% 80% 40% 100% 30% Beginning WIP Costs Added in Month $44,800 $1,231,200 $15,300 $896,700 ANSWER: Calculate Equivalent Units of Production for material and conversion. Use the FIFO method. Equivalent Units of Production-FIFO Direct Materials Conversion Units to Complete Beginning WIP: Direct Materials Conversion Units Completed & Transferred Out: Direct Materials Conversion Units of Ending WIP: Direct Materials Conversion