Question $7$ of $7$

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Skysong Paints makes various interior and exterior paints for its customers, but its current focus is on its top$-$selling interior brand. Skysong produces the paint in its mixing department and then transfers the paint to the canning department. The following information is presented for the canning department in March, recognizing that the company adds its conversion costs evenly throughout the process. One unit is one gallon of paint.

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline & Units & Transferred$-$In & DM & Conversion Costs $\backslash \backslash$

$\backslash$hline Units in beginning WIP Inventory & $1,600$ & & & $\backslash \backslash$

$\backslash$hline Beginning WIP Inventory degree of completion & & $\backslash (100\backslash \%\backslash )$ & $\backslash (100\backslash \%\backslash )$ & $\backslash (60\backslash \%\backslash )\backslash \backslash$

$\backslash$hline Costs in beginning WIP Inventory & & $\backslash (\backslash$$ $12,220\backslash )$ & $\backslash (\backslash$$ $1,920\backslash )$ & $\backslash (\backslash$$ $1,680\backslash )\backslash \backslash$

$\backslash$hline Newunits started & $42,200$ & & & $\backslash \backslash$

$\backslash$hline Costs added to WIP Inventory this period & & $\backslash (\backslash$$ $362,920\backslash )$ & $\backslash (\backslash$$ $45,210\backslash )$ & $\backslash (\backslash$$ $75,726\backslash )\backslash \backslash$

$\backslash$hline Units completed & $42,700$ & & & $\backslash \backslash$

$\backslash$hline Units in ending WIP Inventory & $1,100$ & & & $\backslash \backslash$

$\backslash$hline Ending WIP Inventory degree of completion & & $\backslash (100\backslash \%\backslash )$ & $\backslash (0\backslash \%\backslash )$ & $\backslash (30\backslash \%\backslash )\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$

$($a$)$ Your answer is incorrect.

Complete Steps $1-5$ of the template for the canning department of Skysong Paints this year using the FIFO method of process costing, clearly labeling the following. $($Round cost per equivalent unit answers to $2$ decimal places, e$.$g$.15\mathrm{.}25.)$

$-$ Equivalent units of production for all three cost categories: transferred$-$in$,$ DM$,$ and conversion costs.

$-$ The cost per equivalent unit for all three cost categories: transferred$-$in$,$ DM$,$ and conversion costs.

$-$ The total cost of units completed and the total cost of units in ending WIP Inventory.

Attempts: $1$ of $3$ used