Compute equivalent inits and complete production cost report P21.6A (LO3, 4) Hamilton Processing Company uses a weighted average process cost system and man- ufactures a single product an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed. A partially completed produc- tion cost report for the month of October for the Mixing and Cooking Department is shown as follows. Hamilton Processing Company Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Physical Conversion Quantities Units Materials Costs Units to be accounted for Work in process. October 1 (all materials. 70% conversion costs) 20,000 Started into production 150,000 Total units 170,000 Units accounted for Transferred out 120,000 Work in process, October 31 (60% materials, 40% conversion costs) 50.000 Total units accounted for 170,000 Total + Costs Unit costs Conversion Materials Costs Total cost $240,000 $105.000 $345,000 Equivalent units 2 Unit costs S 2 $ 2 Costs to be accounted for Work in process, October 1 $ 30,000 Started into production 315.000 Total costs $345,000 Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, October 31 Materials Conversion costs ? Total costs S? Instructions a. Prepare a schedule that shows how the equivalent units were computed so that you can complete the "Quantities: Units accounted for equivalent units section shown in the production cost report, and compute October unit costs. b. Complete the "Cost Reconciliation Schedule" part of the production cost report $1.60 a. Materials b. Transferred out WIP $282,000 $ 63,000