The data provided below is the same for each item in a set of interrelated items about the FIFO approach to processes costing. Only the question asked tends to differ from item to item. Together this set of items addresses the same problem. Students are encouraged to work the ENTIRE problem out on scratch paper before responding to any items that relate to this problem. Knuckle makes t-shirts. It uses the FIFO approach to process costing and has a single-stage Work-In-Process department. Materials costs are put into the product at the start of production. Conversion costs (labor and overhead) go into the product gradually as the product is worked on. During March, 20,000 t-shirts were completed and transferred to finished goods storage. At the end of March, there were 4000 t-shirts that were 100% complete as to materials and 50% complete as to conversion still in Work-In-Process. At the beginning of March, there were 2000 t-shirts that were 100% complete as to materials and 25% complete as to conversion. Beginning inventory for March had a cost of $12,600 for materials and $3,300 for conversion and all of those costs had been put into those partially completed beginning inventory units during February. Costs this period (during March) were $132,000 for materials and $86,000 for conversion. On an Equivalent Units schedule (as taught in class) what are the Finish Beginning Inventory Work-in-Process Equivalent Units for March for materials and conversion respectively?
