CHALLENG PROBLEM 5 (20 points + 10 extra credit) The following information is available for Department 2 of Lake Corporation during March. Units: Work in process inventory, March 1 (80% complete as to direct materials, 30% complete as to conversion costs) Transferred in from Dept. 1 in March Completed during March Work in process inventory, March 31 (50% complete for direct materials, 10% complete for conversion costs) 42,000 200,000 228,000 14,000 Costs: Work in process inventory, March 1 Direct materials Conversion Transferred-in Transferred in from Dept. 1 in March Direct materials added in March Conversion costs added in March $ 68,950 146,200 94,000 1,600,000 906,300 542,000 Compute the following using the weighted average method in your calculations (10 points): a) Equivalent units for direct materials, conversion costs, and transferred-in costs b) Unit costs for direct materials, conversion costs, and transferred-in equivalent units c) Total cost of units transferred to finished goods d) Total cost of ending work in process inventory on March 31 in Department 2 Compute the following using the FIFO method in your calculations (20 points): a) Equivalent units for direct materials, conversion costs, and transferred-in costs b) Unit costs for direct materials, conversion costs, and transferred-in equivalent units c) Total cost of units transferred to finished goods d) Total cost of ending work in process inventory on March 31 in Department 2 benule too