Question 1) Part 1) Ace's Company calculates the cost for an equivalent unit of production using process costing. WIP Inventory, June 1: 12,000 units Direct Materials: 100% complete Conversion: 40% complete 24,000 9,600 Balance in WIP, June 1 33,600 Units started during June 30,400 Units completed and transferred out 30,400 WIP Inventory, June 30: 12,000 units Direct Materials: 100% compleye Conversion: 80% complete Costs incurred during June Direct Materials Conversion costs 57,760 Direct Labor 57,760 Applied Overhead 82,080 Total conversion costs 139,840 Required: 1) Compute the costs per equivalent unit for both the weighted-average and FIFO Methods. Part 2) Explain the differences between job costing and process costing