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.

1.	Calculate equivalent units of work done in the current period (for transferred-incosts, direct materials, and conversion costs) to complete beginning work inprocess, 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.

Direct Conversion Physical Units (tons) Transferred-In Costs Materials Costs 48,000 $ 100% 0 S 28,000 50% 70 $ Work in process, beginning inventory (June 1) 0% Degree of completion, beginning work in process Transferred-in during June Completed and transferred out during June Work in process, ending inventory (June 30) 120 140 50 100% 0% 70% Degree of completion, ending work in process 126,000 $ 38,500 $72,800 Total costs added during June