Review below company's information to compute costs to products using first-in, first-out (FIFO) costing approach. Process Excellence (PE), Inc. has two production departments: Mixing and Packaging. Mixing Department Packaging Department The information that pertains to the Mixing Department for the month of July is reproduced here. All materials are added at the beginning of the process. Labor and overhead (conversion resources) are added evenly throughout the process. Warehouse Units started in July Ending work-in-process inventory Costs added in July Required: Beginning work-in-process inventory 1,000 units (40% complete) Physical Units Materials $8,500 5,000 units 400 units (30% complete) 60,500 2. Compute the equivalent units using the FIFO method. 1. Determine the number of units completed and transferred to the Packaging Department in July. Conversion $7,552 3. Compute the cost per equivalent unit using the FIFO method. 130,872 4. Compute the costs of goods transferred out and the ending work-in- process inventory using the FIFO method.