Question 3: Process Costing (FIFO) Daytona Incorporated uses the first-in, first-out method in its process costing system. The following data is on the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process 700 Percent complete with respect to materials 60% Percent complete with respect to conversion 10% Costs in the beginning inventory: Materials cost $ 555 Conversion cost $ 2,123 Units started into production during the month 21,000 Units completed and transferred out 21,000 Costs added to production during the month: Materials cost $ 48,461 Conversion cost $ 559,062 Work in process, ending: Units in process 700 Percent complete with respect to materials 70% Percent complete with respect to conversion 70%Required: Using the rst-in. rst-out method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. {Round your nal answers to 2 decimal places). c. Determine the cost of ending work in process inventory for materials, conversion an: in total for the month. d. Determine the cost of units transferred out of the department for materials, conversion and in total for the month. e. Prepare a cost reconciliation report