Chapter 18 Process Costing + Hathaway Company Hathaway Company has the following information available for May: Beginning Work in Process Inventory (25% complete as to conversion) Started Ending Work in Process Inventory 10,000 units 120,000 units (30% complete as to conversion) Beginning Work in Process Inventory Costs: Material Conversion Current Period Costs: Material Conversion 30,000 units $ 2,100 2,030 $ 33,000 109,695 All material is added at the start of production and all products completed are transferred out. 1. Compute equivalent units using the (a) weighted average and (b) FIFO method. 2. Compute cost per equivalent unit assuming the (a) weighted average and (b) FIFO method. 3. Prepare a schedule showing the assignment of costs assuming the (a) weighted average and (b) FIFO method.