[10 Marks] Chen Company manufactures a product for which materials are added at the beginning of the manufacturing process. A review of the company's inventory and cost records for the most recently completed year revealed the following information: Materials Conversion $100,000 $157,500 Number of Units Work in process, Jan. 1 80% 100,000 complete with respect to conversion costs Units started into production 500,000 Costs added during the year Materials Conversion Units completed during the 450,000 year $650,000 $997,500 The company uses the weighted-average method in its process costing system. The ending inventory is 50% complete with respect to conversion costs and 100% complete with respect to materials. Required: MAKE SURE THAT YOU SHOW ALL OF YOUR CALCULATIONS FOR FULL MARKS AND THAT THEY ARE PROPERLY LABELED. a.) [3 Marks] Compute the equivalent units of production for both materials and for conversion costs. b.) [3 Marks] Compute the cost per equivalent units for materials and for conversion costs. c.) [4 Marks] Determine the total cost that has been transferred to finished goods inventory, and the amount of cost that should be assigned to the ending work-in-process inventory