Expand Your Critical Thinking Determine equivalent units and costs and assign costs for proce prepare production cost report Units Percentage Complete 80% 221.7 (LO 5) Haifeng Cycles manufactures bicycles and tricycles. For both products, materials are added at die beginning of the production process, and conversion costs are incurred uniformly. Haifeng Cycles uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. b. Prepare a production cost report for the month of March for the bicycles only. Production Data--Bicycles Work in process units. March Units started into production 200 Work in process units, March 31 1.000 300 Cost Data-Bicycles 40% Work in process, March 1 Direct materials 19.280 50,000 Direct labor 25.900 Manufacturing overhead 30,000 Production Data-Tricycles Percentage Units Complete Work in process units, March 1 75% Units started into production 1,000 Work in process units, March 31 60 25% Cost Data-Trieycles Work in process, March 1 6,125 Direct materials 30,000 Direct labor 14,300 Manufacturing overhead 20,000 Instructions 2. Calculate the following for both the bicycles and the tricycles. 1. The equivalent units of production for materials and conversion costs. 2. The unit costs of production for materials and conversion costs. 3. The assignment of costs to units transferred out and in process at the end of the accounting period. 100 1,0 5 a. Bicycles: 1. Materials 2. Materials 3. Transferred out WIP 1