Steel Solutions Company uses a process costing system. The first processing department, the Welding Department, started the month with 22,000 units in its beginning work-in-process inventory that were 20% complete with respect to conversion costs. The conversion cost in this beginning work-in-process inventory was $23,320. An additional 97,000 units were started into production during the month and 101,000 units were completed in the Welding Department and transferred to the next processing department. There were 18,000 units in the ending work-in- process inventory of the Welding Department that were 40% complete with respect conversion costs. A total of S$29,380 in conversion costs were incurred in the department during the month.

Required: Show your work for credit 1. Calculate the equivalent units of conversion for the month if Steel uses process costing 2. Calculate the conversion cost per equivalent unit for the month if Steel uses first-in, first-out (FIFO) process costing. 3. Calculate the cost assigned to the units transferred out using first-in, first-out (FIFO) process costing.