Exercise 16-20 Weighted average: Process cost summary LO C3 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 (3,500 units, 100% complete with respect to direct materials, 70% complete with respect to conversion; consists of $95,800 of direct materials cost, $97,955 conversion cost Costs incurred in September Direct materials Conversion Work in process inventory, September 30 (8,500 units, 100% complete with respect to direct materials, 30% complete with respect to conversion) Units started in September Units completed and transferred out $193,755 $440,000 $386,000 ? 34,500 29,500