Determine the started and completed units by using the following formula Started Ending Completed and Transferred Out-Beginning Prepare an equivalent units schedule, The schedule should follow the format below; you may add additional information if you would like. (Remember that the schedule is for units of cars not aluminum and wheels.) 1. 2. Equivalent Units FG Direct Materials- Aluminum Direct Materials Conversion Wheels Actual (Actual) Beginning Start/Completed Completed/Transferred Out Ending Total to Account For Example: Sales on Account v 3. Calculate the total cost and the cost per equivalent unit for the direct materials aluminum. If the number is not exact round to the nearest cent. Calculate the total cost and the cost per equivalent unit for the direct materials wheels. If the number is not exact round to the nearest cent Calculate the predetermined overhead rate. If the number is not exact round to the nearest cent. Determine the total conversion cost by using the predetermined rate and the direct labor cost and the cost per equivalent unit for the conversion cost per car. If the number is not exact round to the nearest cent Determine the unit cost per car Prepare a Cost of Production report rounding to the nearest cent. This report should s costs transferred into Work-i Equivalent Units Schedule. This process uses FIFO costing All sales were made on acc actual FOH was paid using 4. 5. 12. Use an Excel spreadsheet blackboard. Make sure to and enter your answers e 6. 7. 8. in-Process and the costs transferred to Finished Goods by using the 9. Determine the amounts for the following before entering your answers onto blackboard a) Ending Work-in-Process Inventory in Units AND Dollars b) Ending Finished Goods Inventory in Units AND Dollars c) Cost of Goods Sold d) Over/Under Applied Manufacturing Overhead e) Show and calculate an Income Statement f) Gross Profit g) Net Income 5 I P a g e