Cool Clothing, Inc., is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses on the finishing department. Direct materials are added at the end of the process. Conversion costs are added evenly during the process. Suppose that Cool uses the FIFO method. The following information for June 2017 is available. (Click the icon to view the information.) Read the requirements. Requirement 1. Calculate equivalent units of work done in the current period (for transferred-in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. (Enter a "0" for any zero balances.) Equivalent Units Transferred-In Direct Conversion Requirements Physical Units (tons) Costs Materials Costs Work in process, beginning 100 185 Transferred-in during current period To account for 1. Calculate equivalent units of work done in the current period (for transferred-in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work in process. 2. Summarize the total costs to account for, and calculate the cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. 3. Assign costs to units completed (and transferred out) and to units in ending work in process. Completed and transferred out during current period: From beginning work in process Started and completed 85 Work in process, ending I. Accounted for Print Done Equivalent units of work done in current period A B D E Physical Units (tons) Transferred-In Costs Direct Materials Conversion Costs 100 $ 85,000 $ 0 $ 30,000 100% 0% 60% 185 2 Work in process, beginning inventory (June 1) 3 Degree of completion, beginning work in process 4 Transferred-in during June 5 Completed and transferred out during June 6 Work in process, ending inventory (June 30) 7 Degree of completion, ending work in process 200 85 100% 0% 80% 8 Total costs added during June $ 200,000 $ 55,000 $ 105,000