Using the FIFO method, I'm supposed to prepare a process cost report, this is where I've gotten so far:

Beginning inventory-------------4,250
Units started this period---------61,300
Units to be accounted for--------65,550
Beginning inventory--------------4,250
Units started and completed-----57,900
Ending inventory------------------3,400
Units accounted for---------------65,550


then i did the equivalent units cost (Dir. Mat. -- 61,300; Conversion Costs -- 60,875)
Total costs wind up at 130,317

I have a few questions:

1) In the problem, they give me the number added in the month (61,300) which I put in units started this period. But they also say that those units were added at a cost of $71,108. Do I need this number, and if so, where? (the second part of the problem is to identify the amount that should be transferred out of Work in Process Inventory account, and where, but I don't know if that number effects this)

2) It also gives me direct labor (19,760), and the overhead (31,375) that was applied. What do I do with these?

3) For the current costs/equivalent units, I have the current costs, but how do I solve for equivalent units?


I'm a tad confused, and can't find any help on the internet.
Thanks in advance.