E6-2 Page 349 Computing equivalent production, unit costs, and costs for completed units and ending inventory Precision Inc. manufactures wristwatches on an assembly line. The work in process inventory as of March 1 consisted of 1,000 watches that were complete as to materials and 75% complete as to labor and overhead. The March 1 work in process costs were as follows: Materials $5,000 Labor $5,000 Overhead $8,000 During the month, 10,000 units were started and 9,500 units were completed. The 1,500 units of ending inventory were complete as to materials and 25% complete as to labor and overhead. The costs for March were as follows: Materials $61,000 Labor $20,000 Overhead $48,000 Calculate cost of the units completed and transferred out.