Name BUS 20200 Graded Problem #3 Spring Semester 2022 Beta Corporation manufactures trucks and the following information is available for the Waxing Department during 2021. The firm uses the weighted average method to prepare its Departmental Production Report. Beginning Work in Process Inventory: 50,000 units (60% complete direct materials, 40% complete conversion costs; hint: these percentages are ignored and not used with the weighted average method) Ending Work in Process Inventory: 60,0000 units (30% complete direct materials, 70% complete conversion costs; hint: these percentages are used with the weighted average method) During the year, 90,000 units were started in the Painting Department and 80,000 units were transferred out. The costs in the beginning work in process inventory are $500,000 for direct materials and $750,000 for conversion. The costs added during the year were $1,000,000 for direct materials and $1,750,000 for conversion. Required (show work, number and label all answers): 1. Calculate equivalent units for both direct materials and conversion (step 1 of departmental production report as shown in class). 2. Calculate cost per equivalent unit for both direct materials and conversion (step 2 of departmental production report as shown in class, round to nearest penny). 3. Calculate the dollar amount reported on the balance sheet for ending Work in Process Inventory for the Painting Department (from step 3 of the departmental production report as shown in class, round to nearest dollar; you do not need to calculate the dollar amount transferred to the next department, just the ending Work in Process Inventory, but if you do calculate both make sure you clearly label your answer for Work In Process inventory)