XYZ Limited manufactures steel cups in large quantities. Every cup undergoes two processes molding and finishing. Following is the data on costs incurred in November 2021: Direct material Rs. 450,000 Overheads Rs. 230,000 a) Assume no opening or closing inventory. The company manufactured 5000 cups. What is the cost per cup in November 2021. b) Assume opening inventory of 1000 units which are 80% complete with respect to material cost and 50% complete with respect to overheads. New units introduced: 5000. No closing inventory. What are the equivalent units in November 2021 for material and overheads each? c) Assume opening inventory of 1000 units which are 70% complete with respect to material cost and 40% complete with respect to overheads. New units introduced: 5000. Closing inventory 1500 units which is complete 100% with respect to material and 20% with respect to overheads. What are the equivalent units in November 2021 for material and overheads each using FIFO method? d) What does the equivalent units signify?