Materials are added at the beginning of the process. Direct labor and Overhead are added evenly throughout the process. The following are the operating and cost data information for January. The January 1 Beginning Work ln Process - Dyeing consisted of 5,000 units (50\% complete) The cost for this inventory include: $10,000 of direct materials, $35,000 of direct labor, and $65,000 of factory overhead. In addition to the beginning inventory, the company started 65,000 units They incurred the following cost into Work-In-Process Inventory: Directmaterials,Directlabor,Factoryoverhead,$200,000$90,000$125,000 During January, the company completed and transferred out 40,000 units of its product to the WIP - Cutting Department. At the end of the month, the work in process inventory consisted of 30,000 units that were 20% complete with respect to conversion cost. SHOW YOUR WORK - YOU NEED ALL OF THE WORDS ALONG WITH THE NUMBERS (USE THE EXCEL WORKSHEET PROVIDED ON BLACKBOARD TO ANSWER THIS QUESTION) - Weighted average method) You must create formulas I showed you how to do this in class. A) Prepare the company's process cost summary for January: The report should include all of the following: a) Units to Account For and Units Accounted For b) Find Equivalent Units c) Cost to Account For d) Cost per Equivalent Unit e) Cost Accounted For B) Prepare the Journal entry for the transfer to the Cutting Department \begin{tabular}{|l|c|c|c|} \hline & \multicolumn{1}{|c|}{ A } & B & C \\ \hline 1 & Process Costing Worksheet \\ \hline 2 & W Average method \\ \hline 3 & \\ \hline 4 & \\ \hline 5 & \\ \hline 6 & Step 1- Find Units to Account For \\ \hline 7 & \\ \hline 8 & Bl \\ \hline 9 & Started/Transferred in \\ \hline 10 & \end{tabular}