Managerial Accounting

Question 23 (16 points) Santiago Corp. began the current period with 4,000 units in process that were 100% complete as to materials and 60% complete as to conversion. Costs of $7,500 in direct materials and $4,700 in conversion costs were incurred in manufacturing those units in the previous period. Santiago ended the current period with 20,000 units completed and 5,000 units still in process. Work in process was 100% complete as to materials and 70% complete as to conversion costs. Santiago incurred $67,500 in direct materials costs and $47,000 in conversion costs during the period. Required: Using the weighted average method, compute the following: a. Equivalent units of production for materials. b. Equivalent units of production for conversion. c. Cost per equivalent unit for materials. d. Cost per equivalent unit for conversion. e. Cost assigned to ending Work in Process Inventory f. Cost assigned to goods completed and transferred out i? s? Q" s? Q"