Question 3 (21 marks) Sinclair Steel processes a single type of steel which is processed by two departments, Machining and Finishing. The steel is processed in Machining and then transferred to Finishing for completion. Direct Materials are added at the beginning of the machining process. Conversion costs are added evenly during the machining process. For the current period the following information is given for the Machining department: Material Conversion Units Costs Costs Beginning Work in Process Inventory 4,500 $ 4,000 $ 6,000 Started During the Current Period 21,500 $35,000 $75,000 Ending Work in Process Inventory 3,000 Beginning WIP, Degree of completion: direct materials, 100%; conversion costs, 40% Ending WIP, Degree of completion: direct materials, 100%; conversion costs, 30% The Company uses a weighted average process costing method and has a direct cost category for direct materials and a single indirect cost category (conversion costs). Required 1. Calculate total costs for units completed and for units in ending work in process. 2. Journalize the transactions affecting Work in Process, Machining, Question 4 (19 marks) Using the information from Question 3, using the FIFO inventory method to calculate equivalent units and assign costs