Wikipedia Brown Industries produces gemstones and uses process costing to determine the cost of these gemstones. The firm uses the FIFO method. The firm's polishing department, the firm's only production department, has the following cost per equivalent units rates. Direct Materials: $100 per equivalent unit Conversion Costs: $400 per equivalent unit The polishing department has the following inventory data at the end of February. Direct Materials Conversion Costs 100 100 100% 40% $12,000 2,700 75 100% BWIP physical units (Feb 1) BWIP percent completion BWIP cost (in dollars) Units completed in February EWIP physical units (Feb 28) EWIP percent completion How much is the total cost of units completed and transferred out for February? $37,500 2,700 75 50%