Suggested time : 30 minutes Serono mass-produces folding chairs in Wollongong. All direct materials are added at the beginning of production, and conversion costs are incurred evenly throughout production. The following production information is for the month of December 2023: Beginning work in process (30% complete) 10,000 units Started in August 52,000 Ending work in process (40% complete) 12,000 Required (a) Calculate the equivalent units used to calculate cost per unit under the weighted average method. (5 marks) (b) Calculate the equivalent units used to calculate cost per unit under the FIFO method. (6 marks) (c) Suppose the percent completion of ending WIP is underestimated at the end of December 2023, how will this measurement error affect the process costing result for year ending 2023 & year ending 2024? (6 marks)