Problem #3 - Five Step Procedure for Process Costing (20 points): The following information pertains to one department under a process costing system:...

Problem #3 - Five Step Procedure for Process Costing (20 points):The following information pertains to one department under a process costing system:Work in process, 12/1/07 1,000 units, 40% complete, consisting of $8,703 of materials and $5,036 of conversion costs.Production completed for December 8,200 units.Work in process, 12/31/07 800 units, 20% complete.All materials were introduced at the start of the process while conversion costs are incurred uniformly throughout the process. Materials added during December were $72,000; conversion costs were $83,580. There is no spoilage in this process.Required: Using FIFO, show a schedule of equivalent units, unit costs, and a summary of costs. Read the problem carefully everything you need to solve it is shown.

Schedule of Equivalent ProductionInputDetails Output Units Details Equivalent Production Units MaterialUnits OpeningStock UnitsIntroduced 1000 Work onOpeningstockNew unitscompleted 1000...