Question 2: Process costing (20 marks) CWB Inc., manufactures a chemical product through three processing stages prior to completion. Information on work in the first department is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 82% complete 11,700 Pounds started into production during May 118,000 Pounds completed and transferred out Pounds in process, May 31; materials 68% complete; conversion 21% complete 13,300 Cost data: Work in process inventory, May 1: Materials cost $2,000 Conversion cost $8,000 Cost added during May: Materials cost $152,500 Conversion cost $101,800 The company uses the weighted-average method. Required (show your calculation): 1. Compute the equivalent units of production (4 marks). 2. Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places; 6 marks). 3. (a) Determine the cost of ending work in process inventory (5 marks). (b) Determine the cost of units transferred out to the next department (5 marks). Round cost per equivalent unit to 2 decimal places. Round final answers to the nearest dollar amount).