Exercise 03-20 Weighted average: Process cost summary Hi-Test Company uses the weighted average method of process costing to assign production costs to its products. Information for the company's first production process September follows. Assume that all materials are added at the beginning of this production process, and that conversion costs are added uniformly throughout the process. Work in process Inventory, September 1 (4,500 units, 1004 complete with respect to direct materials, 70complete with respect to conversion consists of $54,000 of direct materials cost, $99,900 conversion cost Costs incurred in September $153,900 Direct materials Conversion $450,000 $367,000 work in process inventory, September 30 (9,500 units, 100% complete with respect to direct materials, 30% complete with respect to conversion) Units completed and transferred out Units started in September 7 35,500 30,500 Required: Compute each of the following using the weighted average method of process costing 1. & 2. The number of equivalent units for materials and conversion for the month 3.& 4. The cost per equivalent unit of materials and conversion for the month 5. The total cost of goods transferred out. 6. The total cost of ending work in process inventory Required 1 and 2 Required 3 and 4 Required 5 Required 6 The number of equivalent units for materials and conversion for the month. Equivalent units of Production (EUP) EUP: Conversion Units % Materials EUP-Materials Conversion Total Required 1 and 2 Required 3 and 4 Required 5 Required 6 The cost per equivalent unit of materials and conversion for the month. (Round Cost per Equivalent Unit of Production Direct Materials Conversion Total costs + Equivalent units of production Cost per equivalent unit of production Required 1 and 2 Required 3 and 4 Required 5 Required 6 The total cost of goods transferred out. (Round "Cost per EUP" to 2 decimal places.) Costs Transferred Out EUP Cost per EUP Total cost Direct materials Conversion Total transferred out Required 1 and 2 Required 3 and 4 Required 5 Required 6 The total cost of ending work in process Inventory. (Round "Cost per EUP" to 2 decimal places.) Costs of Ending Work In Process EUP Cost per EUP Total cost Direct materials Conversion Total cost of ending work in process