Ming Inc. had the following production and cost information for its blending department during February (with materials added at the beginning of the process):

Production:

Units in process, February 1, 50% complete with respect to conversion.......2,000

Units completed......................................................................13,040

Units in process, February 28, 60% complete......................................2,400

Costs:

Work in process, February1:

Materials.............................................................................$ 16,000

Conversion costs......................................................................12,000

Total..................................................................................$ 28,000

Current costs:

Materials.............................................................................$ 50,000

Conversion costs.....................................................................84,000

Total.................................................................................$134,000

Ming uses the weighted average method.

Required:

1. Prepare an equivalent units schedule.

2. Calculate the unit cost. (Note: Round answers to two decimal places.)

3. Calculate the cost of units transferred out and the cost of EWIP.