COST OF TRANSFERRED UNITS FIFO COSTING Below is July's unit and cost data for a manufacturing firm that uses fifo costing, DEPARTMENT 2 Beginning units in process (55% direct materials, 15% conversion costs) 135,000 Work-in-process inventory-beginning $472,500 Units transferred in during the period 420,000 Costs transferred in this period $588,000 Costs added this period: Direct materials $812,700 Direct labor $676,260 Factory overhead (applied) $487,305 Units transferred out to finished goods inventory 430,000 Ending units in process (25% direct materials, 70% conversion costs) 125,000 Required: a Calculate the equivalent units for direct materials and conversion costs. b Prepare the Costs Accounted For section of the cost of production report for Depart- ment 2