CircleO Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion cost is added throughout the process. Percent Complete Physical units Materials Conversion Work in process, August 1 40,000 100% 80% Unit started during August 80,000 Units completed and transferred out 100,000 during August Work in process, August 31 20,000 100% 30% Conversion Total Work in process, August 1 Costs incurred during August Total costs to account for Direct Materials $42,000 $96,000 $138,000 $305,280 $347,280 $784,400 $880,400 $1,089,680 $1,227,680 Required: Using weighted average process costing in completing the following requirements. (a) Determine the equivalent units for August (3 marks) (b) Compute the costs per equivalent unit. (3 marks) (c) Compute the cost of goods completed and transferred out during August. (4 marks) (d) Compute the cost remaining in the work in process inventory on August 31. (4 marks) (e) Prepare a journal entry to record the transfer of the cost of goods completed (2 marks) and transferred out. (Total: 16 marks)