II. Process Costing (50 points Our company manufactures Chemical X. Assume the company uses weighted average. Separate direct materials and conversion costs. Chemical X is comprised of two liquids, Liquid A and Liquid B. The formula of Chemical X is 60% Liquid A, 40% Liquid B. 60% of the mixed liquid is added at the beginning of the process: 40% added at the very end. The average cost of the raw materials is $45 per gallon. At the beginning of the month, there was 1.200 gallons in process, 70% through the process (as to conversion costs). The total costs in beginning WIP is $32,400 for materials and $82,160 for conversion costs. During the month, 11,000 gallons were started. Conversion costs were $285,200 for the month. Compute direct material costs (hint use DM EUP under FIFO). At the end of the month, there were 1,800 gallons in process, 60% through the process. Answer each question separately. DO NOT just complete a table - this will result in a zero! a. How many units were started AND completed? Completed? b. Using FIFO, calculate equivalent units produced C. What is the cost of the material added? (hint: use b.). d. Using FIFO, calculate the cost per equivalent unit produced