Problem 4-32 Analysis of Work-in-Process Inventory Account (2043,44,45) 3. Cost of June 30 work-inprocess inventory: $34,600 A-1 Products manufactures wooden furniture using an assembly-line process. All direct materials are introduced at the start of the process, and conversion cost is incurred evenly throughout manufacturing. An examination of the company's Work-in-Process Inventory account for June revealed the following selected information. Debit side: June 1 balance: 300 units, 30% complete as to corrversion, cost $21,300 Production started: 900 units Direct material used during June: $45,000 June conversion cost: $25,700 Credit side: Production completed: 700 units "Supplementary records revealed direct-material cost of $15,000 and conversion cost of $6,300. Conversations with manufacturing personnel revealed that the ending work in process was 60 percent complete as to conversion. Chapter 4 Process Costing and Hybrid Product-Costing Systems 163 Required: 1. Determine the number of units in the June 30 work-in-process inventory. 2. Calculate the cost of goods completed during June and prepare the appropriate journal entry to record completed production. 3. Determine the cost of the June 30 work-in-process inventory. 4. Briefly explain the meaning of equivalent units. Why are equivalent units needed to properly allocate costs between completed production and production in process