Manage ment accounting

Question 5 (9 marks) Schmitt Company makes camping lanterns using a single production process. The company uses FIFO process costing. All direct materials are added at the beginning of the manufacturing process. Information for the month of July 2021 follows: Beginning work in process 23,100 units Direct materials $ 121,000 Conversion cost (30% complete) 184,000 Total cost of beginning work in process '5 305,000 Number of units started 62,500 units Number of units completed and transferred to nished goods 77,400 units Ending work in process '? units 35% complete with respect to conversion cost Direct materials cost incurred $ 281,700 Conversion cost applied 386,200 Total cost added during the month 3 667,900 Required: Determine the number of ending inventory in July 2021. (1 mark) Determine the equivalent units of production for direct materials in July 2021. (1 mark) Determine the equivalent units of production for conversion costs in July 2021. (1 mark) Determine direct materials cost per equivalent unit. (2 marks) Determine conversion cost per equivalent unit. (2 marks) Determine the total cost of a unit. (2 marks) Show ALL workings. H9 E1!\" 53"!\