Return To Assignment Note: Hover over the red tab in the upper right corner of a cell to see the formula. If displayed, red text indicates no response was expected in a cell; no points deducted. E 1 2 Hi-T Company uses the weighted average method of process costing. Information for the company's first production process follows. All 3 direct materials are added at the beginning of this process, and conversion costs are added uniformly throughout the process. 5 Direct Materials Conversion Percent 6 Units Complete Percent Complete Beginning work in process inventory 2,000 100% 80% 8 Completed and transferred out 23,000 100% 100% 9 Ending work in process inventory 7,000 100% 40% 10 Beginning work in process 12 Direct materials 13 Conversion 14 Costs added this period 15 Direct materials 16 Conversion 17 Total costs to account for $45,000 56,320 $101,320 375,000 341,000 716,000 $817,320 18 19 Required: 20 a. Compute the equivalent units of production for both direct materials and conversion. 21 22 (Use cells A5 to D17 from the given information to complete this question.) 23 24 25 Equivalent Units of Production: Weighted average Direct Materials Percent 26 Units Complete 27 Completed and transferred out 28 Ending work in process 29 Total 30 31 b. Compute the cost per equivalent unit for both direct materials and conversion. 32 (Round "Cost per EUP" to 2 decimal places.) 33 34 (Use cells A5 to D17 from the given information to complete this question.) 35 36 Cost per Equivalent Unit of Production Direct Materials Conversion Conversion Percent EUP Complete EUP G H K L M N R T