please provide answers to all 4 parts

the FIFO method? Explain briefly. (18-32 Standard costing, journal entries. The Warner Company manufactures reproductions of expen sive sunglasses. Warner uses the standard-costing method of process costing to account for the produs tion of the sunglasses . All materials are added at the beginning of production. The costs and outpu sunglasses for May are as follows: % of Completion for Conversion Costs Direct Materials Conversion Costs $ 33,000 60% $ 48,400 Work-in-process, beginning Started during May Completed and transferred out Work-in-process, ending Standard cost per unit Costs added during May Physical Units 22,000 95,000 87,000 30,000 75% $ 2.20 $ 2.50 $238.000 $207,500 Required 1/ Compute equivalent units for direct materials and conversion costs. Show physical units in the first column of your schedule. 2. Compute the total standard costs of sunglasses transferred out in May and the total standard costs of the May 31 inventory of work-in-process. 3. Compute the total May variances for direct materials and conversion costs. 4. Prepare summarized journal entries to record both the actual costs and standard costs for direct mate- rials and conversion costs, including the variances for both production costs. ninhted average method, Spelling Sports, which produces basket- AP Ideas