William Water Willards produces something that has two production processes. Data for November for the first process follows: Required: 1) Assume that the company uses the FIFO method of Process Costing. In a report format calculate the equivalent units and the cost per equivalent unit for November. 2) Determine the ending balance in the WIP account AND the total cost transferred to next process. % Completion Units Material Conversion Work in Process, November 1 80,000 50% 25% Work in Process, November 30 60,000 45% 20% Material cost in beginning WIP $76,600 Conversion cost in beginning WIP $34,900 Units started into production 300,000 Units transferred to second process 320,000 Material cost added during November $410,000 Conversion cost added during November $234,500

use fifo method