Equivalent Units and Product Cost Report-FIFO Method In its first month of operations (May of 2016), Allred Company's Department 1 incurred charges of $108,000 for direct material (9,000 units), $58,000 for direct labor, and $29,000 for manufacturing overhead. At month-end, 8,500 units had been finished and transferred out. Those units remaining were finished with respect to material but only 40% finished with respect to conversion. Assuming Allred uses the FIFO method and that materials are added at the beginning of the process and conversion costs are incurred evenly throughout the period, compute the following: 1. The equivalent units for materials and conversion costs. 2. The cost per equivalent unit for materials and conversion costs. 3. The total cost assigned to the units transferred out. 4. The total cost assigned to the ending inventory. 5. Prove that your solutions to requirements (c) and (d) sum to the total costs to be accounted for HOVE YOU SOODS COLOD Yol Allred Company, Department 1 Equivalent Units Calculations, May 2016 Equivalent Units Sin Direct in May Materials May Conversion Costs Complete/Transferred Beginning inventory Started & completed Ending inventory Total OW 09 0% 0 0 0 0 0% O OM oooo 0 a. olo o 0 Product Cost Report Direct Conversion Materials Costs Beginning Inventory 5 0$ 0 $ 0 Current D 0 Total Costs to Account For $ D$ 0 $ 0 Total Equivalent Units 0 Average cost/Equivalent unit $ 00$ 0 0 Beginning inventory Costs incurred in Months Costs incurred in Month 1 Started and finished Cost of Goods Manufactured 5 04 Ending Inventory Direct Materials 5 0 Conversion costs 0 Cost of Ending Inventory $ 0d Total Costs Allocated 5 0 Check