Hilli Industries manufactures plastic toys. During October, Hill's Fabrication Department started work on 10,000 models. During the month, the company completed 12,000 models, and transferred them to the Distribution Department. There were 5,000 models in beginning inventory. All direct materials costs are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The FIFO method of process costing is being followed. Beginning work in process was 30% complete as to conversion costs, while ending work in process was 60% complete as to conversion costs.

Beginning inventory:

Direct materials costs $20,000

Conversion costs $13,000

Manufacturing costs added during the accounting period:

Direct materials costs $80,000

Conversion costs $230,000

Required:

1. Compute equivalent units for both direct materials and conversion costs using the FIFO method [3 Marks].

2. Compute the cost per unit for both direct materials and conversion costs using the FIFO method [2 Marks].

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