Earth Company is a manufacturer of circult boards. The company's chlef financlal officer is trying to verlfy the accuracy of the endingEarth Company is a manufacturer of circult boards. The company's chlef financlal officer is trying to verlfy the accuracy of the ending

work$-$In$-$process and finlshed goods inventorles prlor to closing the books for the year. You have been asked to assist In this

rerlfication. The yearend balances shown on Earth Company's books are as follows:

Materlals are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate

of $60\%$ of direct labour cost. There was no finished goods inventory at the beginning of the year. A revlew of Earth Company's

inventory and cost records has disclosed the following data, all of which are accurate:

The company uses the welghted average cost method.

Required:

Determine the equivalent units and costs per equivalent unit for materlals, labour, and overhead for the year. $($Round your "Costs per

equivalent unit" to $3$ decimal places.$)$

Answer is complete and correct.

$2$ Determine the amount of cost that should be assigned to the ending work$-$In$-$process and finished goods Inventorles. $($Round

ntermediate calculations to $3$ decimal places and final answers to the nearest whole dollar amount.$)$

Answer is complete but not entirely correct.

Prepare the necessary correcting Journal entry to adjust the work$-$In$-$process and finished goods inventorles to the correct balances

is of December $31.($Round intermediate calculations to $3$ decimal places. If no entry is required for a particular transaction, select

$"$No journal entry required" in the first account field.$)$

Answer is not complete.

Determine the cost of goods sold for the year assuming there is no under$-$or overapplied overhead. $($Round intermedlate

calculations to $3$ decimal places and final answers to the nearest whole dollar amount.$)$

work$-$In$-$process and finished goods inventorles prior to closing the books for the year. You have been asked to assist In this

verlfication. The year$-$end balances shown on Earth Company's books are as follows:

Materlals are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate

of $60\%$ of direct labour cost. There was no finished goods inventory at the beginning of the year. A revlew of Earth Company's

Inventory and cost records has disclosed the following data, all of which are accurate:

The company uses the weighted average cost method.

Required:

Determine the equivalent units and costs per equivalent unit for materlals, labour, and overhead for the year. $($Round your "Costs per

equivalent unit" to $3$ decimal places.$)$

Answer is complete and correct.

$2$ Determine the amount of cost that should be assigned to the ending work$-$In$-$process and finished goods Inventorles. $($Round

intermediate calculations to $3$ decimal places and final answers to the nearest whole dollar amount.$)$

Answer is complete but not entirely correct.

Prepare the necessary correcting Journal entry to adjust the work$-$In$-$process and finished goods inventorles to the correct balances

as of December $31.($Round intermediate calculations to $3$ decimal places. If no entry is required for a particular transaction, select

$"$No journal entry required" in the first account field.$)$

Answer is not complete.

Determine the cost of goods sold for the year assuming there is no under$-$or overapplied overhead. $($Round intermedlate

calculations to $3$ decimal places and final answers to the nearest whole dollar amount.$)$