Lora Company produces a product for which materials are added at the beginning of the manufacturing process. The company uses the weighted average cost method in its process costing system. The ending inventory is fully complete and 50% complete with respect to materials and conversion costs respectively. Units Materials Conversion Work in process, Jan. 1 (80% complete with respect to conversion costs) 100,000 $100,000 $157,500 Units started into production 500,000 Costs added during the year $650,000 $997,500 Units completed during the year 450,000 Required: a) Calculate the equivalent units of production and the cost per equivalent units for materials and for conversion costs. (11 marks) b) Calculate the cost transferred to finished goods. (5 marks) c) ExxonMobile (gasoline and lubricating oils) probably uses job order or process costing? Explain (less than 10 words) (4 marks)