FIFO Method. Taxes R Us (TRU), an income tax preparation firm, uses the FIFO method of process costing for the monthly reports. TRU has no materials cost in the preparation of the returns. The following shows its March information:

Returns in process, March 1 (30% complete) 100

Returns started in March 1,600

Returns in process, March 31 (90% complete) 200

Labor and overhead costs for returns in process, March 1 $2,500

Labor and overhead costs incurred in March $173,250

Required. Calculate the following amounts for conversion costs using the FIFO method:

1. number of equivalent units (tax returns)

2. cost per equivalent unit

3. cost of completed tax returns for the month of March

4. cost of tax returns in process as of March 31