Question 3 (10 marks) Sirovsky Company manufactures a product that goes through one processing department. The following information is available on work in this department during the month of January Number of Units 100,000 Percent Completed Materials Conversion 3/5 2/5 Work in process January 1 Started into production Complete Work in process January 31 880,000 860,000 120,000 5/6 2/3 Costs included in Work In Process on January 1 totaled at $255,000 of which $180,000 were materials costs and $75,000 were conversion costs. Materials costs added in the month of January were $580,000 and conversion costs added in January were $285,000 Beginning Finished Goods Inventory on January 1 was $65,000. The balance in ending Finished Goods Inventory on January 31 was $80,000. Required: a) Assuming the company uses the weighted-average method, calculate the cost per equivalent unit for materials and conversion costs for the month of January, rounded to the nearest cent. b) What is the dollar value of the work in process on January 31? c) What is the cost of Goods Sold for the month of January