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PROBLEM SET B Abraham Company uses weighted average process costing to account for its production costs. The company has two production processes. Conversion is added evenly throughout each process. Direct materials Problem 20-1B are added at the beginning of the first process. Additional information for the first process follows. Weighted average: Cost per equivalent unit; costs assigned to products P1 Required 1. Compute the equivalent units of production for both direct materials and conversion. Check (2) Conversion cost 2. Compute cost per equivalent unit of production for both direct materials and conversion. per equivalent unit, $25.20 3. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Analysis Component 4. Assume that an error is made in determining the percent complete for units in ending inventory in the first process. Instead of being 25% complete for conversion, they are actually 75% complete. Write a one-half-page memo to the plant manager describing how this error affects this period's financial statements. Problem 20-1B (50 minutes) *This equals the sum of total direct materials cost and total conversion costs: $770,000+$2,066,400=$2,836,400