Question l: Process Costing (20 marks) Leo International Manufacturing Inc's Assembly Department transfers costs and products to the company's Finishing Department when Assembly Department has done with its producing process. The Finishing Department has the following for the most recent accounting period: Conversion costs are incurred evenly throughout the process and direct materials are added at the very end of the process. Required: Use the weighted Average of cost flow to calculate the following items for Department Finishing for the month of December: (Provide supporting calculation wherever appropriate to gain full marks.) 1. Show numbers of physical units and equivalent units completed and stayed in ending inventory of finishing department for this [6 marks] 2. Cost per equivalent unit for this period [6 marks] 3. Total cost transferred out [4 marks] 4. Total cost in ending work in process inventory [4 marks] Beginning work in process Transferred-in 100% complete Conversion 50% complete Beginning WIP inventory $34.250 7,000 $41,250 48,000 units Units transferred-in during current period Units completed 50,000 units 8,000 unit Ending Work-in-process Transferred-in: 100% complete Conversion: 50% complete $25.000 Costs added during current period Direct materials Conversion costs Costs transferred-in during current period Weighted average method $47.000 $110,750