Problem 4-33 Process Costing in a Public Accounting Firm (LD 3,4, 5) Beowulf and Grendel, a public accounting firm in London, is engaged in the preparation of income tax returns for individuals. The firm uses the weighted-average method of process costing for internal reporting. The following information pertains to February, (E denotes the British monetary unit, pounds sterling.)* 1(a). Equivalent units overhead: 1,100 1 (b). Overhead, Cost per equivalent unit: 50 Returns in process, February 1: (20% complete). 300 900 Returns started in February Returns in process, February 28: (75% complete) Returns in process, February 1: 400 E 3,500 Labor 4,000 Overhead 90,000 Labor, February (4,500 hours) Overhead, February 51,000 be conducted in pounds sterling. Although the Euro is generally used throughout Europe, day-to day business in the United Kingdom continues Required: Compute the following amounts for labor and for overhead: 1 a. Equivalent units of activity. b. Cost per equivalent unit. (Remember to express your answer in terms of the British pound sterling, denoted by .) Compute the cost of returns in process as of February 28. 2