Consider the following data for November 2012 from Gray Manufacturing Company which makes silk pennants and uses a process-costing system. All direct materials are added at the beginning of the process and conversion costs are added evenly during the process. Spoilage is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. Gray Manufacturing Company uses the FIFO method of process costing. Degree of completion: direct materials, 100%; conversion costs, 50%. Degree of completion: direct materials, 100%; conversion costs, 30%. Requirement: Summarize total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process. Begin by summarizing the total costs to account for. Total cost is count for Completed and transferred out Costs added in current period Costs incurred to date Equivalent units of work done to date work in process, begning work in process ending Completed and transferred out Costs added in current period Costs incurred to date Equivalent units of work done to date Work in process, beginning Work in process, ending Consider the following data for November 2012 from Gray Manufacturing Company which makes silk pennants and uses a process-costing system. All direct materials are added at the beginning of the process and conversion costs are added evenly during the process. Spoilage is detected upon inspection at the completion of the process. Spoiled units are disposed of at zero net disposal value. Gray Manufacturing Company uses the FIFO method of process costing. Degree of completion: direct materials, 100%; conversion costs, 50%. Degree of completion: direct materials, 100%; conversion costs, 30%. Requirement: Summarize total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign total costs to units completed and transferred out (including normal spoilage), to abnormal spoilage, and to units in ending work in process. Begin by summarizing the total costs to account for. Total cost is count for Completed and transferred out Costs added in current period Costs incurred to date Equivalent units of work done to date work in process, begning work in process ending Completed and transferred out Costs added in current period Costs incurred to date Equivalent units of work done to date Work in process, beginning Work in process, ending