Question 1 (10 Marks) The Smith Company manufactures a product that goes through two departments prior to completion. The following in formation is available on work in one of these departments, the Forming Department, during March Percentage Completed Materials Conversion Units 70,000 460,000 450,000 80,000 37 Work in process, March 1 Started into production Completed and transferred out Work in process, March 31 7/8 5/8 Cost in the beginning work-in-process inventory and cost added during the month were as follows: Materials Conversion $ 42,190 38,000 $440,810 394,000 Work in process, March 1 Cost added during March The Forming Department is the first department in the production process, after forming has been completed, the units are tran sferred to the Finishing Department. Required a) Assuming the company uses the weighted-average method, calculate the equivalent units and unit cost for materials and conversion costs, rounded to the nearest tenth of a cent. Show your work. (5 Marks) b) (Appendix 6A) Assuming the company uses the FIFO method, calculate the equivalent units and unit cost for materials and conversion costs, rounded to the nearest tenth of a cent Show you work