Solution for QID #75696: The following information is available for Department 2 of L | StudyHelpMe

The following information is available for Department 2 of Lake Corporation during March.   Units: Work in process inventory, March 1 (80% complete as to direct materials, 30% complete as to conversion costs) 42,000 Transferred in from Dept. 1 in March 200,000 Completed during March 228,000 Work in process inventory, March 31 14,000 (50% complete for direct materials, 10% complete for conversion costs)   Costs: Work in process inventory, March 1 Direct materials $ 68,950 Conversion 146,200 Transferred-in 94,000 Transferred in from Dept. 1 in March 1,600,000 Direct materials added in March 906,300 Conversion costs added in March 542,000     Compute the following using the weighted-average method in your calculations (10 points):   a) Equivalent units for direct materials, conversion costs, and transferred-in costs b) Unit costs for direct materials, conversion costs, and transferred-in equivalent units c) Total cost of units transferred to finished goods d) Total cost of ending work in process inventory on March 31 in Department 2   Compute the following using the FIFO method in your calculations (10 points):   a) Equivalent units for direct materials, conversion costs, and transferred-in costs b) Unit costs for direct materials, conversion costs, and transferred-in equivalent units c) Total cost of units transferred to finished goods d) Total cost of ending work in process inventory on March 31 in Department 2