Grace Corporation The following information is available for Grace Corporation for the current month: 120,000 units Started this month Beginning WIP (35% complete) Ending WIP (75% complete) Transferred out 10,000 units 000 8,800 units 121,200 units bour Beginning Work in Process Costs: Material Conversion o$24, 500 astan 66, 472 aup l Current Costs: Material fl belgnon od o $75, 600 136,730 Conversion All materials are added at the start of production. osallid vd Required: Refer to Grace Corporation in answering questions 1- 12. Awork o attat heo lor od re 1. How many units must be accounted for? 120,000+1,000130,000 What is the total cost to account for? 303,302 What are equivalent units for material using FIFO? 2. o a 3. What are equivalent units for conversion costs using FIFO? 4. 5. What is cost per equivalent unit for material using FIFO? 6. What is cost per equivalent unit for conversion costs using FIFO? What is the total cost assigned to goods transferred out using FIFO? 7. What are equivalent units for material using weighted average? 8. What are equivalent units for conversion costs using weighted average? 9. What is cost per equivalent unit for material using weighted average? 10. What is cost per equivalent unit for conversion costs using weighted average? 11. What is the total cost assigned to goods transferred out using weighted average? 12