Summertime Corporation uses process costing. Beginning work in process inventory consisted of $115,500 in direct materials and $75,000 in conversion costs. There were $213,500 of direct materials and $385,000 of conversion costs added this period. Equivalent units for the period were: Direct Materials Conversion Units Completed 150,000 units 150,000 units Units in Ending Work in Process 85,000 units 50,000 units Total Equivalent Units 235,000 units 235.000 units Calculate the following amounts and DO NOT ROUND YOUR ANSWERS (show and label all work below for full credit): 1. Cost per equivalent unit -- direct materials 2. Cost per equivalent unit -- conversion 3. Total cost assigned to units completed and transferred out 4. Total cost assigned to ending work in process 5. Prepare the journal entry to transfer units completed to finished goods inventory