PROBLEM:2 FROM SYSTEM DESIGN - PROCESS COSTING The Smith Company manufactures a product that goes through two departments prior to completion. The following information is available on work in one of these departments, the Forming Department, during March: Percentaxe Completed Materials Conversion 5 37 Work in process, March 1 Started into production Completed and transferred out Work in process, March 31 Units 70,000 450,000 450,000 80,000 7/8 5/8 Cost in the beginning work-in-process inventory and cost added during the month were as follows: Work in process, March 1 Cost added during March Materials Conversion $ 42,190 $ 38,000 $440,810 $ 394,000 The Forming Department is the first department in the production process; after forming has been completed, the units are transferred to the Finishing Department. Required: Assuming the company uses the weighted- average method, calculate the equivalent units and unit cost for materials and conversion costs, rounded to the nearest tenth of a cent