Exercise 16-16 Sentena Mortgage Company uses a process costing system to accumulate costs in its Application Department. When an application is completed, it is forwarded to the Loan Department for final processing. The following processing and cost data pertain to September . Applications in process on September , 190 2. Applications started in September, 1,000 3. Completed applications during September,710 4-Applications still in process at September 30 were 100% complete as to materials (forms) and 60% complete as to conversion costs. Beginning 1,420 Conversion 4,260 September Direct $5,440 Direct 12,900 labor Overhead 9,597 Materials are the forms used in the application process, and these costs are incurred at the beginning of the process. Conversion coets are incurred uniformly during the process Santana Mortgage Company uses the FIFO method. Also, assume that the applications in process on September 1 were 100% complete as to materials forms and 40% complete as to conversion costs. Determine the equivalent units of service (production) for materials and conversion costs. The equivalent units of service (production) Compute the unit costs. (Round unit costs to 2 decimal place e.g. 2.25.) Unit costs Prepare a cost reconciliation schedule. (Round unit costs to 2 decimmal places, e.g. 2.25 and final answers to O decimal places, e.g. 1,225.) Costs accounted for: Applications completnd: Hok in process, September 1 Conversien costs Sarted and compiatod Work in process, September 30 Conversion costs Total costS Question Attempts: O of 3 used