Molding Department is the first department in its production process. The data below summarize 16) Paceheco Corporation uses the weighted average method in its process costing system. The NAME the department's operations in January. Beginning work in process inventory Units started during January Completed and transferred to the next department during January Ending work in process inventory Percent Complete with Respect to Conversion 70% Units 5,100 59,000 56,800 7,300 40% The accounting records indicate that the conversion cost that had been assigned to beginning work in process inventory was $34,558 and a total of $559,254 in conversion costs were incurred in the department during January. The cost per equivalent unit for conversion costs for January in the Molding Department is closest to