Nissan Motor Corporation uses process costing for its car assembly process. For the month of March 2025, the assembly process incurs costs of 20 million and produces 10,000 units. At the end of the month, 2,000 units were 50% complete for materials and 30% complete for conversion costs.

Required:

• Calculate the equivalent units of production for materials and conversion costs.
• Determine the cost per equivalent unit for materials and conversion costs.
• Allocate costs to completed units and units in ending work in process inventory using the FIFO method.
• Prepare a cost summary report for the assembly process.
• Analyze the impact of using FIFO vs. weighted average method on cost allocation.