Timex Corporation produces a high-quality watches that passes through production processes. The company uses the FIFO cost method. A quantity schedule for August for the first process follows: Units to be accounted for: Work in process, August 1 (75% materials, Quantity Schedule 40% conversion cost added last month) 120 Started this month 560 Total units to be accounted for 680 Units accounted for as follows: Transferred to the next process 600 Work in process, August 31 (50% materials, 25% conversion cost added this month) 80 Total units accounted for 680 Costs in the beginning work in process inventory were: Materials P114,000 Conversion cost 32,000 Costs added during August were: Materials 718,000 Conversion cost 402,000 Required: 1. Compute the total cost for August. 2. Compute the unit cost for August. 3. Compute the cost of completed goods and transferred out. 4. Compute the cost of work in process end. Note: use the table at the back Quantity Schedule and Equivalent Units Quantity Schedule Units to be accounted for: Work in process, beg. Started in process during the period Total Units accounted for: Completed and transferred out: From work in process, beg From started in process during the period Work in process, end Total Total and Unit Costs Cost to be accounted for Work in process, beg Added this period Total cost to be accounted for Cost per equivalent unit Cost accounted for Completed and transferred out: From work in process inventory beg: Beginning cost Cost to complete: From started during the period Work in process, end: Materials Conversion costs Total cost accounted for rounded off figure / squeeze figure Equivalent Units Materials Conversion Costs Total Materials Conversion