Mirada Company manufactures handheld calculators and has the following information available for the month of July:

Work in process, July 1(100% complete for materials, 25% for conversion)120,000units

Direct materials$234,000

Conversion cost$388,000

Number of units started214,000units

July costs

'Direct materials$420,000

Conversion cost$478,000

Work in process, July 31(100% complete for materials, 10% for conversion)138,000units

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.

2.Calculate the number of equivalent units.

3.Calculate cost per equivalent unit.

4.Reconcile the total cost of work in process.