Name: Date: Instructor: Course: Managerial Accounting, 4th Edition by James Jiambalvo "Solving Managerial Accounting Problems Using Microsoft Excel for Windows Templates by Rex A Schildhouse" Problem P3-1 Comprehensive Problem, One Department Regal Polish manufactures a single product in one department and uses a process costing system. At the start of May, there were 10,000 units in process that were 100% complete with respect to direct materials and 60% complete with respect to conversion costs (labor and overhead). During the month, the company began production on 105,000 units and ending Work in Process Inventory consisted of 5,000 units that were 100% complete with respect to material and 70% complete with respect to conversion costs. Cost Information: Beginning Work in Process Costs Added in May Direct material $4,000 $76,500 Direct labor 200 8,880 Manufacturing overhead 300 9,915 Total: $4,500 $95,295 Required: Part a. Calculate the cost per equivalent unit for each of the three cost items and in total. Text answer as desired. The denominators for the calculations of cost per equivalent are: "Units Completed" "Equivalent Units in Ending WIP" Total Material Number Formula Formula Labor Number Formula Formula Overhead Number Formula Formula Beginning WIP Cost Added Total Denominator Cost per EU Material Amount Amount Formula Number Formula Labor Amount Amount Formula Number Formula Overhead Amount Amount Formula Number Formula Total Formula Formula Formula Formula Part b. Calculate the cost of units completed in May and the cost of ending Work in Process. Enter formula as desired. Cost of items in ending work in process: Material Amount Labor Amount Overhead Amount Total Formula Part c. Reconcile the sum of the two costs in part b to the sum of beginning Work in Process and costs added in May. Title Amount Title Amount Total Formula Title Amount Title Amount Total Formula