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Zap Rap inc. is a manufacturer at audio CDs. The company's chief nancial officer is trying to verify the amuracy ofthe lite-ember 31 work in process and nished goods inventories prior to closing the books for the year. He stroneg suspects that the year-end dollar balances are incorrect, but he believes that all the other date are acourete. The yeaHand balances shown on Zap Rap's books are as follows: Llnitl Goat: Work in process. December31 (materials 100% complete; mnversion 50% complete) 44.500 $156,733 Finished goods, De-mber 31 57,500 $230,696 There were no nished goods inventories at the beginning at the war. The company uses the weighted, average method of process msting. There is only one processing department. A review of the company's inventory and cost records has disclosed the following data: Delta Lhits hhteriatl Oonvereion Work in process, January 1 (materials 100% complete; conversion 30% mplute) 32,800 $ 57,400 $ 85.603 Started into production 893.000 Costs added during the year $1,562,750 $2,814,627 Units completed during the year 881,200 Required: 1. Determine the equivalent units and the costs per equivalent unit for materials and conversion for the year (Round your \"Cost: per equivalent unit\" answers to 2 decimal places.) Equivalent units ot'production Cost per equivalent unit 2. Determine the amount of cost that shouid be egigned to the ending work in proce and nished goods inventories. Cost ot'ending work in process inventory Cost ofnished goods inventory 3. Prepare the necessary correcting journal entry to adius1 the work in process and nished goods inventories to the correct balances as of December 31. (Round intermediate calcula ions to 2 decimal places.) View transastlon llst Journal entry worksheet Record the entryI to adjust the work in process and nlshed goods Inventories Note: Enter debits before credits. \"m 4. Delerrnine ihe cost of goods sold for the year, assuming that there is no underepplied or averapplied overhead. _:|