The Salmon Processing Company had work in process at the beginning and end of March 2017 in its Painting Department as follows: Click the one wh o process information) The company completed 40 000 units during March Manufacturing costs incurred during March were direct materials costs of 600 000 and conversion costs of 5500 000 inventory March 1 was carried at a cost of 500 000 530 000 and conversion C 5 10 000) Assuming Salmon uses FIFO Costing determine the equivalent units of work done in March and calculate the cost of units completed and the cost of units in ending inventory Data Table Completed and wanted out Work in process beginning Costs added to beginning WIP in current Total from beginning inventory Star t ed Percentage of Completion Direct Materials Conversion Costs 20% 90% 40% March 120,000 units) March 31 (20.000 units) Begin by entering the physical units in first, then calculate the equivalent units. Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Work in process, beginning 10000 Started during current period 70000 80000 To account for Completed and transferred out during current period: From beginning work in process 10000 6000 8000 Started and completed 40000 40000 40000 Work in process, ending 30000 27000 6000 80000 Accounted for 54000 Equivalent unts of work done in current period Next, summarize the total costs to account for Total Production Costs 40000 1100000 Direct Materials 30000 6 00000 Conversion Costs 10000 500000 Work in process, beginning Costs added in current period 1140000 6300001 5 10000 Total costs to account for Now calculate cost per equivalent unit for direct materials and conversion costs Direct Conversion Coutsed in Current period Divide by equivalent units of work done in current period Cost per equivalent unit Finally, assign total costs to units completed and transferred out) and to units in ending work in process (WIP) Begin by calculating the total from beginning Inventory, then calculate the total costs accounted for Total Direct Conversion Production Costs Materials Costs Completed and transferred out Work in process, beginning 30000 10000 Costs added to beginning WIP in current period Total from beginning inventory Started and completed Total costs of units completed and transferred out Work in process anding Total costs accounted for