Question 3: Process Costing Ramico Limited manufactures a variety of bicycle parts. Since the company produces a large volume of each type of product, the unit cost is determined by a process costing system. The Moulding Department manufactures bicycle parts and transfers them to the Assembly Department for assembly. Upon completion of assembly, bicycle parts are delivered to the packing department. For the month of June, the following costs and production figures are presented for the Assembly Department: Production Data (in unit) Beginning WIP Inventory (70% complete as to material;40% 70,000 complete as to conversion) Started in June 460,000 Completed and transferred out 450,000 Ending WIP Inventory (75% complete as to material; 25% 80,000 complete as to conversion) Cost Data (in dollar) Material Conversion Beginning WIP Inventory $367,200 $131,600 Current period $2,692,800 $1,748,400 Required 1. Determine the cost per equivalent unit for the Assembly Department's direct materials and conversion costs, and the total unit cost for the current period, underthe a. Weighted-Average method b. FIFO method 2. Assign total costs to units completed (and transferred out) to Packaging Departmentand to units in ending work in process in the Assembly Department