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Question 2 20 marks Just Jeans uses the weighted average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month: Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion 300 60% 30% Costs in the beginning WIP inventory: Materials cost Conversion cost $342 $2,394 Units started into production during the month Units completed and transferred out 21,000 20,700 Costs added to production during the month: Materials cost Conversion cost $44,136 $546,750 Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion 600 80% 30% Required (show your calculations): Determine the equivalent redus de math (5.rarks) - b. Determine the posts staticatent unit 7 15 marks) c. Determine the cost of ending work in process inventory (3 marks) d. Determine the cost of transferred out units. (3 marks) e. In a lean environment, the FIFO and weighted average methods would produce almost identical product costs. Do you agree with this statement? Why or why not? (4 marks)