1. ABC Company packaging department has the following data for the month of December 2013.

• 20,000 units in work in process as at 1^st December: $20,000 direct materials and $40,000 for conversion costs (i.e. $100,000 direct labor and $30,000 manufacturing overheads).100% of direct materials cost and 40% of the conversion cost have been incurred in the last period on this units.
• 200, 000 units transferred in from production department during the month at a total cost of $555,000.
• Costs added included: direct materials of $22, 000 and conversion costs of $20,000.
• 180,000 units transferred to finished goods.
• 40,000 units in work in process as at 31 December: 100% complete as to cost transferred in, 80% complete as to materials and 50% as to conversion costs.

Required

Using FIFO method prepare the following

1. The quantity schedules ( 4 marks)
2. The equivalent units (4 marks)
3. The cost per equivalent unit ( 4 marks)
4. The cost of units transferred out ( 4marks)
5. The cost of work in progress as at 31 December (4 marks)