Midway Metal produces wire baskets in two departments, Bending and Painting. The Work in Process tory T-account for the Bending department is shown below. The 2,000 units in beginning work in process inventory had direct materials costs of $2,400 and conversion costs of $1,600. Also shown is unit da for the Bending department this period. Exercise 20-13 Weighted average: Process costing using a T-account P1 Direct Materials Conversion Units Percent Complete Percent Complete Beginning Work in Process Inventory-Bending (S) 4,000 ? Transferred out Beginning work in process inventory... 2,000 Direct materials 7,200 100% 20% Units started this period... Direct labor 3,000 6,000 Completed and transferred out. Overhead 14,400 7,000 Ending work in process inventory.... Ending 1,000 100% 60% Compute equivalent units of production for both direct materials and conversion. Compute cost per equivalent unit of production for both direct materials and conversion. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory