EXERCISE 6-8 Equivalent Units and Cost per Equivalent Unit-Weighted-Average Method [LO2, LO3, L04, LOS] Page 221 Grand River Company produces a high-quality insulation material that passes through two production processes. Data for November for the first process follow: Work in process inventory, November 1 Work in process inventory, November 30 Materials cost in work in process inventory, November 1 Conversion cost in work in process inventory, November 1 Units started into production Units transferred to the next process Materials cost added during November Units 80,000 50% Completion with Respect to Materials Completion with Respect to Conversion 25% 60,000 45% 20% $ 76,600 $ 34,900 300,000 320,000 $410,000 $234,500 Conversion cost added during November Required: 1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for November for the first process. 2. Compute the costs per equivalent unit for November for the first process. 3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in November.