Question 4 - Pura Vida Company (10 marks) Pura Vida Company manufactures a product that only has one production process. Direct materials are added at the beginning of the manufacturing process and no units are lost/wasted during production. Pura Vida uses the weighted average cost method in its process costing system. Here is some additional data about Pura Vida Company's Work In Process (WIP) inventory: January 1st units in WIP 176,000 units % complete conversion opening WIP 5% Material costs in opening WIP 175,729 Conversion costs in opening WIP 219,662 Units started during January 379,000 units Units completed and transferred to 747,000 units Finished Goods Inventory in January Direct material cost added during month $ 878,647 Conversion costs added during month $ 1,142,241 % complete conversion ending WIP 50% NOTE: If the data above is blank it means you haven't entered your student number on the Cover tab. Required: Please answer the following 3 questions using the data above. I have left space after each question for your to do your work. The production report template that we used in class has been provided as an additional tab. If you need more space you can insert a row. Please do not use column A as I would like to use it to record my marking. 1 Compute the equivalent units of production and the cost per equivalent unit for materials and for conversion costs. (6 marks) 2 Determine the costs to be transferred from the work in process inventory account to finished goods . (1 mark) 3 Determine the amount of cost that should be assigned to the ending work in process inventory. (1 mark)