Exercise 16-12 (Algo) Weighted average: Cost per equivalent unit; costs assigned to products LO P1 Hi-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. Direct Materials Conversion Beginning work in process inventory Completed and transferred out Ending work in process inventory Beginning work in process Direct materials Conversion Costs added this period Direct materials Conversion Total costs to account for Units Percent Complete 5,000 31,000 10,000 100% Percent Complete 80% 100% 40% $ 65,700 119,500 $ 185,200 455,000 374,000 829,000 $ 1,014,200 a. Compute the equivalent units of production for both direct materials and conversion. b. Compute the cost per equivalent unit for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Required A Required B Required C Compute the equivalent units of production for both direct materials and conversion. Equivalent Units of Production: Weighted average Direct Materials Total Units Percent Complete Conversion EUP Percent Complete EUP Required A Required B Required C Compute the cost per equivalent unit for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) Cost per Equivalent Unit of Production Direct Conversion Materials Total costs + Equivalent units of production Cost per equivalent unit of production Required A Required B Required C Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Cost assignment-Weighted average Completed and transferred out Direct materials Conversion Total Completed and transferred out Ending work in process Direct materials Conversion Total ending work in process Total costs accounted for EUP Cost per EUP Total cost