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QUESTION 2: Process Costing - FIFO Method Version D (17 marks) Sarment Company uses a FIFO process costing system. Assume there is no spoilage. It has two departments: Knitting and Finishing. In its Finishing department: - Conversion costs (CC) incur ovenly throughout the process. - Direct Materials are added when the product is 60% completed. The following is additional information for the month of December 2019 in the Finishing department: Beginning WIP (80% completed) Transferred in during July Completed and transferred out Ending WIP (50% completed) Units 3,000 215,000 170,000 48,000 Beginning work in process costs: Transferred-In $ 21,000 Direct materials $ 12.000 Conversion costs $ 30,000 Costs incurred during July Transferred in $ 1,388,900 Direct materials $ 968,600 Conversion costs $2065.448 $4,491.948 Required: 1. Prepare a schedule and calculate the equivalent units for December under the FIFO method (9 marks). 2. Calculate the costs per equivalent unit using FIFO. (3 marks) 3. Prepare a schdule and assign costs to the units completed and transferred out, and to the ending WIP