McCourt Company uses the FIFO method to account for the costs of production. For the first processing department, the following equivalent units schedule has been prepared: Units started and completed Units, beginning work in process: 5,000 x 0% 5,000 x 40% Conversion Direct Materials Costs 26,000 26,000 2,000 Units, ending work in process: 3,000 x 100% 3,000 3,000 x 75% 2,250 Equivalent units of output 29,000 30,250 The cost per equivalent unit for the period was as follows: Direct materials $2.00 Conversion costs Total 6.00 $8.00 The cost of beginning work in process was direct materials, $50,000; conversion costs, $60,000.