The Smith Processing Company had work in process at the beginning and end Next question Painting Department as follows: (Click the icon to view the work-in-process information.) The company completed 40,000 units during March. Manufacturing costs incurred during March were direct materials costs of $100,000 and conversion costs of $475,000. Inventory at March 1 was carried at a cost of $60,000 (direct materials, $10,000 and conversion costs, $50,000). Assuming Smith uses weighted-average costing, determine the equivalent units of work done in March, and calculate the cost of units completed and the cost of units in ending inventory. Begin by entering the physical units first, then calculating the equivalent units. Equivalent Units Direct Conversion Physical Units Flow of Production Materials Costs Work in process beginning Started during current period To account for Completed and transferred out during current period Work in process, ending Accounted for Equivalent units of work done to date The company completed 40,000 units during March. Manufacturing costs incurred during March were direct materials costs of $100,000 and conversion costs of $475,000. Inventory at March 1 was carried at a cost of $60,000 (direct materials, $10,000 and conversion costs, $50,000). Assuming Smith uses weighted average costing, determine the equivalent units of work done in March, and calculate the cost of units completed and the cost of units in ending inventory. Next, summarize the total costs to account for. Total Direct Conversion Production Costs Materials Costs Total costs to account for Now calculate cost per equivalent unit for direct materials and conversion costs. (Round your answer to the nearest cent.) Direct Conversion Materials Costs Divide by Cost per equivalent unit Finally, assign total costs to units completed (and transferred out) and to units in ending work in process. Total Direct Conversion Production Costs Materials Costs Completed and transferred out Work in process, ending Total costs accounted for Next question Painting Department as follows: The Smith Processing Company had work in process at the beginning and end (Click the icon to view the work-in-process information.) The company completed 40,000 units during March. Manufacturing costs incurred during March were direct materials costs of $100,000 and conversion costs of $475,000. Inventory at March was carried at a cost of $60,000 (direct materials, $10.000 cod.com Areon.coete $50.000) Assuming Smith uses weighted average costing, de - X ld and the cost of units in ending inventory. Data table Percentage of Completion Direct Materials Conversion Costs 45% 20% 50% 50% March 1 (4,400 units) March 31 (45,000 units) Divide by Cost per equivalent unit Finally, assign total costs to units completed (and tra Print Done Production Costs Materials Costs Completed and transferred out Work in process, ending Total costs accounted for