Calculate equivalent units, unit costs, and costs assigned with FIFO.

The following information is for production activities in the refining department of Petro Pure Corporation. All units in work in process (WIP) were costed using the FIFO cost system.

Refining Department	Units	Percentage of Completion	Conversion Costs
WIP, February 1	25,000	70%	$ 22,000
Units started and costs incurred during February	135,000		143,000
Units completed and transferred to the mixing department	100,000
WIP, February 28	?	60%	?

Instructions

(a)

Calculate the conversion costs per equivalent unit of production during the last period and this period.

Last period	$1.257
This period	$1.2067

(b)

Calculate the conversion cost in the work in process inventory account at February 28.

(c)

Calculate the per-unit conversion cost of the units started last period and completed this period.