LUU points Arboles Company manufactures pencils and has the following information available for the month of July Work in proces, May 1 (100% complete for July, 60% for conversion) Direct materials Conversion cost 5 5 75.000 units 5,000 17.500 100,000 units Number of units started July costs Direct materials Conversion cost 6.500 24.000 Work in process, July 31 (100% complete for materiais, 10% for conversion 70,000 units Required: Using the FIFO method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. Physical Unita Physical Unite Beginning Units Units Started Units Completed Ending Units Total Units Total Units 2. Calculate the number of equivalent units. Equivalent Unite Direct Materials Conversion Physical Unite Beginning Inventory Started and Completed Ending Inventory Total UNIDS D O O 3. Calculate cost per equivalent unit. (Round cost per Equivalent Unit to 5 decimal places.) Direct Materials Conversion Cost per Equivalent Unit 4. Reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and your final answers to the nearest whole dollar amount.) Current Period Coats Direct Materiala Conversion Prior Period Costa Total Coat Beginning Inventory Started and Completed Ending inventory Total Cost Accounted for 5 05 0 5 0 50