Happy is a manufacturing company that uses process costing. Material is introduced at the beginning of the process and conversion costs are applied uniformly throughout the process. Data for the period for process 1 is given below:

	Process 1
Opening work (Units)		10,000
Converted (%)		40%
Materials (Units)		50,000
Conversion costs (Units)		20,000
Units started during the period (Units)		7,000
Closing work in progress (Units)		2,500
Closing work in progress (% of completion)		70%
Material costs added during the period ()		455,000
Conversion costs added during the period ()		306,250

REQUIRED:

1. Calculate completed units for the period.
2. Calculate the total of equivalent units of production for material and conversion costs using first in first out (FIFO) method.
3. Calculate the unit cost of equivalent units of production for material and conversion costs using FIFO.
4. Compute the total cost of work in progress (WIP) and completed production using FIFO.
5. Explain the differences between weighted average method and FIFO method.
6. In a situation of a production with no scrap value, describe the different impact that abnormal and normal loses have on cost per unit and process account.