(Appendix 6A) First-In, First-Out Method; Unit Cost; Valuing Inventories Loren Inc. manufactures products that pass through two or more processes. During April, equivalent units were computed using the FIFO method: Units started and completed 4,600 Units in BWIP X Fraction to Complete (60%) 840 Units in EWIP X Fraction Complete (4,000 X 60%) 2,400 Equivalent units of output (FIFO) 7,840 April's costs to account for are as follows: BWIP (40% complete) $1,120 Materials 10,000 Conversion cost 4,000 Total $15,120 Required: 1. Calculate the unit cost for April using the FIFO method. Round your answer to the nearest cent. per unit 2. Using the FIFO method, determine the cost of EWIP and the cost of the goods transferred out. In your calculations round unit cost to the nearest cent and your final answers to the nearest dollar. Cost of ending work in process Cost of goods transferred out