Q2. The following information is based on the Drying and Packaging Department of Cape Elizabeth Potato Chips. Conversion costs of beginning inventory were 60% complete and ending inventory was 30% complete. Management has recently been concerned with the rising costs of factory labor in a tight labor market. Other information on this process: Units 100,000 Conversion Costs $30,400 Beginning work-in-process Units transferred in and costs incurred during August Units completed and transferred to Finished Goods department during August 540,000 $242.000 400,000 The company uses the FIFO method. 1. What was the conversion cost of work in process in the Drying and Packaging department at August 31? 2. What were the conversion costs per equivalent unit produced last period and this period? 3. What were the total conversion costs transferred out