only do 1-3 using the FIFO method

18-31. TRANSFERRED-IN COSTS, WEIGHTED-AVERAGE METHOD. Trendy Clothing, Inc. is a manufacturer of winter clothes. It has a knitting department and a finishing department. This exercise focuses on the finishing department. Direct materials are added at the end of the process. Conversion costs are added evenly during the process. Trendy uses the weighted-average method of process costing. Information for June 2020 follows: ho Home Insert Formulas Page Layout A 1 Data Review View B C Physical Units Transferred-In (tons) Costs 60 $ 60,000 100% 100 120 40 100% $117,000 D Direct Materials $ 0 0% E Conversion Costs $24,000 50% 2 Work in process, beginning inventory (June 1) 3 Degree of completion, beginning work in process 4 Transferred-in during June 5 Completed and transferred out during June 6. Work in process, ending inventory (June 30) 7 Degree of completion, ending work in process 8 Total costs added during June 0% $27.000 75% $62,400 18-32. TRANSFERRED-IN COSTS, FIFO METHOD (CONTINUATION OF 18-31). Refer to the information in Exercise 18- 31. Suppose Trendy uses the FIFO method instead of the weighted- average method in all its departments. The only changes to Exercise 18- 31 under the FIFO method are that total transferred-in costs of beginning work in process on June 1 are $45,000 (instead of $60,000) and total transferred-in costs added during June are $114,000 (instead of $117,000). Required Do Exercise 18-31 using the FIFO method. Note that you first need to calculate equivalent units of work done in the current period (for transferred-in costs, direct materials, and conversion costs) to complete beginning work in process, to start and complete new units, and to produce ending work-in-process inventory. > Required 1. Calculate equivalent units of transferred-in costs, direct materials, and conversion costs. 2. Summarize total costs to account for and calculate cost per equivalent unit for transferred-in costs, direct materials, and conversion costs. 3. Assign costs to units completed (and transferred out) and to units in ending work in process