Toyota Motor Corporation uses process costing for its engine production. In September 2033, the company incurs costs of $4,800,000 and produces 30,000 units. Beginning work in process was 4,000 units that were 60% complete. During the period, 26,000 units were completed and transferred out. Ending work in process was 8,000 units, 20% complete.

Required:

• Calculate the equivalent units of production for direct materials and conversion costs using the FIFO method.
• Determine the cost per equivalent unit for direct materials ($160 per unit) and conversion costs ($110 per unit).
• Allocate costs to completed units and units in ending work in process using the FIFO method.