Morrison Company had the equivalent units schedule and cost information for its Sewing Department for the month of December, as shown below.

	Direct Materials		Conversion Costs
Units completed	40,000		40,000
Add: Units in ending WIP * Percentage complete:
10,000 * 100% direct materials	10,000
10,000 * 40% conversion costs			4,000
Equivalent units of output	50,000		44,000

Costs:

Work in process, December 1:

Direct materials $64,000

Conversion costs 14,000

Total WIP on Dec. 1 $78,000

Current costs:

Direct materials $510,000

Conversion costs 184,000

Total current costs $694,000

1. Compute the cost per equivalent unit for December using the Weighted Average Method. Round your answer to the nearest cent.

2. Determine the cost of ending work in process.

3. Determine the cost of goods transferred out.