FIFO Method Taxes R Us (TRU), an income tax preparation firm, uses the FIFO method of proc...

FIFO Method Taxes R Us (TRU), an income tax preparation firm, uses the FIFO method of process costing for the monthly reports. TRU has no materials cost in the preparation of the returns. The following shows its March information:

Required Calculate the following amounts for conversion costs using the FIFO method:

1. Number of equivalent units (tax returns).

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2. Cost per equivalent unit.

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3. Cost of completed tax returns for the month of March.

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4. Cost of tax returns in process as of March 31.