Question

I figured out some of this but I am stuck on like the last half of it. Help is much appreciated.

CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 3 Partially correct Mark 33.00 out of 39.00 Flag question Equivalent Units and Product Cost Report-FIFO Method The following data (and annotations) for March 2016 are for the work in process account of the first of Olympus Company's four departments used in manufacturing its only product. Work in Process-Department 1 Beginning balance (3,000 units, 40% complete) Transferred to department 2: (23,000 units) Direct material (24,000 units) Direct labor Manufacturing overhead Ending balance [ (b) units, 25% complete] S18.200 96,000 77.300 36,700 Assuming that Olympus uses the FIFO method, that materials are added at the beginning of the process and that conversion costs are incurred evenly throughout, solve for the three missing numbers. Round average cost per equivalent unit to two decimal places, if applicable. Round other answers to the nearest whole number, when appropriate Olympus Company, Department 1 Flow of Units and Equivalent Units Calculation, March 2016 Equivalent Units %in March %in March Direct Conversion Costs Complete/Transferred Beginning 1,800 3,000 Started & 100 20,000 100 20,000 20,000 completed b. 4,000 100 4,000 1,000 Ending inventory 24,000 22,800 27,000 Total

Answer 1

Product cost report :-

		Direct material	conversion cost
Beginning inventory	18200	0	0
Current	210000	96000	114000
Total cost to account for	228200	$96000	$114000
÷ total equivalent units		24000	22800
Average cost / equivalent unit		$4	$5
Beginning inventory :
- Cost incurred in month 0	$18200
- cost incurred in month 1 (1800x5)	9000
Started and finished (20000x9)	$180000
Cost of goods manufactured	$207200
Ending inventory :
Direct material	16000
Conversion costs	5000
Cost of ending inventory	$21000
Total cost allocated (207200+21000)	$228200

All those figures that were previously wrong are marked in bold.