Section 4: Process costing 24 marks Zurks Ltd has two main production departments: crafting and finishing. All material used during the crafting process is introduced at the start, whereas materials used by the finishing department are introduced partway through the production process. Conversion costs are applied uniformly throughout production processes for both departments. Data relating to September for the two departments are as follows: Physical units Crafting Finishing Work in process inventory, 1 Sept 8,000 units that are 65% 2,500 units that are 80% converted converted with an estimate of 30% materials applied Units started during the period 28,000 32,000 Work in process inventory, 30 Sept 4,000 units that are 70% 8,000 units that are 75% complete complete with respect to conversion and 30% complete with respect to direct materials Direct material costs Crafting Finishing Work in process inventory, 1 Sept $ 140,200 $ 44,510 Incurred during the period $ 358,400 $ 152,010 Conversion costs Crafting Finishing Work in process inventory, 1 Sept $ 279,360 $ 69,275 Incurred during the period $ 639,360 $ 288,225 Required: Using the weighted average method, calculate the following for the finishing department: 1. The cost per equivalent unit. (10 marks) 2. The cost of goods completed and transferred out during September. (4 marks) 3. The cost of ending work in process inventory in September. (5 marks) 4. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during September.