Business Inc. produces all of its products in one department, The Production Department, and transfers the costs to finished goods. The production department adds all direct materials at the beginning of the process. Inspection takes place at the end of the process and are considered abnormal spoilage. In March the department reported the following data: Beginning work in process as of March 1st 2000 units 30% Complete Cost of Direct materials $500 Conversion costs $140 Costs added during March Cost of Direct materials $1,625 Conversion costs $2,163.00 During March: 6,500 units Started 7000 Good units were transferred out to Finished goods. 500 units remained in ending work in process. 45% Complete 3. Calculate the unit cost. 4. Calculate the cost of goods transferred out. 5. Calculate ending Work in process. 6. Calculate the loss due to abnormal spoilage. 7. Prepare the journal entry that transfers the goods from the production department to Finished goods. 8. Prepare the journal entry to record abnormal spoilage